The housing crisis of the past couple of years is unfortunately continuing to put thousands of homeowners "under water" or in homes that are worth less now than the money they owe on their mortgages. With job losses and high unemployment in Las Vegas, balloon payments on sub-prime mortgages, and home devaluations, the number of foreclosures is at an unprecedented high. If you are in financial distress and facing a potential foreclosure, the wisest action to take may be to sell your home with a short sale in Las Vegas. In a short sale in Las Vegas, the lender agrees to accept the sale of a property for less money than is owed on a mortgage. Typically to be accepted, the homeowner must be able to demonstrate financial hardship and inability to continue to pay the mortgage payments. Lenders must be convinced that a short sale is in their best interest in order to avoid the larger losses they would incur from foreclosing on the property. The advantages to a seller to pursue a short sale include preventing further financial losses and avoiding the severe harm to credit from a foreclosure. A foreclosure can remain on the credit report for seven to ten years and cause as much as 250 points to be deducted from the credit score. This can have devastating effects on one's ability to get credit, insurance, rent an apartment or get a job. It will affect credit but will cause significantly less harm, remaining on the credit report for three to five years and diminishing the score by only 50 to 100 points. To insure that your rights are protected and your short sale is accepted, seek the representation of an attorney who understands the process and complexities.
Related Articles -
short, sale, Las, Vegas,
|