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A Short Sale in Las Vegas Has a Good Chance of Approval by Cleo Gib
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A Short Sale in Las Vegas Has a Good Chance of Approval by CLEO GIB
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| Article Posted: 01/04/2011 |
| Article Views: 155 |
| Articles Written: 12921 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 272 |
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A Short Sale in Las Vegas Has a Good Chance of Approval |
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Real Estate
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From the start of the home foreclosure crisis to the present, Nevada has led the United States in filings. In fact, it exceeds the country's average foreclosure filings by over five times. In 2008, mortgage defaults increased to 27 percent with auction sales increasing 35 percent. Because of these statistics, if you are in Nevada and struggling or underwater on your mortgage, there is a good chance that your lender will accept the terms on a short sale in Las Vegas. A shortsale of your property will prevent foreclosure and the damage a foreclosure will do to your important credit rating. In a short sale, the lender agrees to accept a purchase price less than what is owed on the mortgage. The difference is forgiven by the lender who benefits by avoiding the costs of foreclosure and being stuck with property in areas of steeply declining values. It can be a way of recouping some of the money now rather than lose even more money later. Lenders are not anxious to accept shortsales if they think they can get their full payment. A record of default or proof of financial hardship is needed on the part of the homeowner. If you think a short sale for your Las Vegas property may be an answer for you, it can be helpful to consult with a real estate attorney. Shortsales are more complicated than traditional sales and it's important that your interests are protected. Though not as serious as a foreclosure, a short sale will reflect negatively on credit scores as well so you need to be fully informed of the consequences.
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