Short Sale Overview

A Short Sale Lawyer in Las Vegas Can Help

Homeowners in Las Vegas and Henderson, Nevada who are facing foreclosure on a home that is worth less than they owe on the mortgage trust a Las Vegas short sale attorney at Peters & Associates, LLP to negotiate a Short Sale or a Deed in Lieu that relieves them of their mortgage obligation and any deficiency and helps them back on their feet financially.

What is a Short Sale?

A Short Sale means that you are selling the house for less than what you owe on the mortgage, but the bank has agreed to accept the proceeds of the sale in satisfaction of the debt. A short sale is a viable option when you are facing the possibility of a foreclosure and it makes financial sense to exit the property.

There are a number of ways in which you may find yourself under water or upside down on your mortgage, owing more than your home is worth. The housing market in many areas was overinflated for a number of years, and when this bubble deflated about five years ago, home values plummeted. If you bought your home more than five years ago, you may have bought an over-valued home which is now worth much less than you owe on it.

The other factor which occurred in tandem with the drop in the housing market was the sub-prime and adjustable rate mortgage crisis. Many people were able to afford homes only by making loans that they really could not afford, and banks were all too willing to make these loans. Many loans such as ARMs and Option ARMs had adjustable interest rates that reset at much higher rates than the borrower initially encountered. If your mortgage payments have outstripped your ability to pay while the value of your home has gone down, a Short Sale may be the answer to your troubles.

What about a Deed in Lieu?

You may have heard about a Deed in Lieu of Foreclosure as a way of walking away from your house. That is basically what it is, but there is a big difference between walking away from your house with no further obligation, and walking away from your house and letting the bank foreclose on the property. With a Deed in Lieu, you turn over the deed to your house to the bank, which now owns the property and releases you from any financial obligation on the mortgage. There is no foreclosure.

Short Sales are preferable to Deeds in Lieu, because with the Short Sale you are able to pull out at least some of the equity in your home. A Short Sale, however, is not always possible or practical. In those cases, we can negotiate a Deed in Lieu on your behalf, avoiding foreclosure and helping you to get back into a property that you can afford without the obstacle of a foreclosure on your credit report.

Short Sale Lawyers in Las Vegas

Before you walk away from your home and let the bank foreclose on it, consider the options that let you walk away on your own terms, with money in your pocket and without any further liability on your mortgage. In Las Vegas and Henderson, contact Peters & Associates, LLP for a free consultation regarding whether a Short Sale or a Deed in Lieu is in your best interests.