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Vegas Short Sales, Do I owe money after the short sale? |
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Thursday, 30 April 2009 12:54 |
• Will I owe the bank money after the short sale is accepted?
• If you are able to negotiate a price and buy it for less then I owe, will the bank come after me for the difference?
When the lender or bank accepts a short sale on the property for less than what was owed, then a deficiency exists with the loan. The deficiency is the difference between what the homeowner owed and the amount the property sold for.
For example, Mr. Jones owes $300,000 on her home and the lender accepts a short sale for $200,000. There is a deficiency of $100,000 for which the lender can then sue |
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Considering a Short Sale on your Las Vegas Home? |
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Thursday, 30 April 2009 12:54 |
The easiest way to explain a short sale is to describe what happens when a short sale occurs. A short sale takes place anytime a property is sold for less than what is owed on the mortgage and the lenders who own the underlying mortgages accept less than full payoff as a settlement. This has become common in today’s real estate market.
This allows the property to transfer to the buyer even though the lenders did not receive the full amount that they were owed.
Short sales usually take place during the foreclosure process when a buyer is trying to buy a property and the purchase price will not cover the payoff of the mortgages in full. Most often these properties are bought and sold after the foreclosure process has started but before the process is completed through a sheriff’s or trustee’s auction sale. This stage is called the pre-foreclosure stage.
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Shopping for an Las Vegas house? Now is THE Best Time! |
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Thursday, 30 April 2009 12:53 |
OK, I’m going out on a limb here!
After more than a year of free-falling sales and prices, Las Vegas’s battered housing market is getting support from both first-time home buyers and investors taking advantage of record foreclosures and distress sales across the region.Sales and how they work.Las Vegas area sales.Las Vegas market, and bankers are saying yes more often to short sales, which spare them the expense of a full-blown foreclosure.
With mortgage-interest rates at record lows and an $8,000 tax credit for buyers who haven’t owned a home for at least the past three years, existing-home sales |
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Should You Modify Your Las Vegas Loan? If So, How? |
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Thursday, 30 April 2009 12:52 |
Q: The interest rate on my loan just adjusted to 9.25 percent last month. We are upside down on our house by 5 percent, so we aren’t sure we can refinance. I’m trying to do a loan modification, but am being told that I have to be late on my mortgage or the lender won’t work with me.
I am now current and don’t want to miss a payment just so someone will help me. The loan modification company I’m working with wants to charge me a fee of $1,700. Will this save my house? Should I spend this money?
A: I have good news for you. The good news is that President Obama’s new mortgage refinance program should help you if your mortgage is only 105 percent of the value of your property.
For example, if your house is worth $100,000, and your |
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Las Vegas Real Estate market update for March 2009 |
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Thursday, 30 April 2009 12:52 |
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Las Vegas Real Estate see new life. Buyers are back!ALERT: Sales INCREASED 47.59% in March compared to March of last year. ALERT: First time home buyers now receive an $8,000 INCOME TAX REFUND - no strings attached. This IRS offer is also available to anyone who has not owned a home in the past 3 years. HURRY - Must Close Before December 1, 2009. | | 2009 | 2008 | 2007 | 2006 | | March Sales | 1,653 | 1,120 | 1,665 | 2,878 | | March Inventory | 21,448 | 25,472 | 23,547 | 14,559 |
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