With everything that's going on in real estate today in Las Vegas, it's hard not to come across at least one person everyday who is in a bad situation with their mortgage. Home owners are hearing from their banks that they must pay what they're behind, then they look at the bank account and it's just not there. Before you decide to just walk away from your property, know that there are other options:
- Do a short-sale...let us negotiate with your bank to accept less than what you owe. There are credit and tax ramifications that come along with this, it's not a free pass BUT it is a better option than letting the bank foreclose on your home. It puts you more in control of what's going to happen, and more importantly when it's going to happen - which is a heck of a lot better than waking up every day wondering if today's the day they lock you out.
- Negotiate with the bank to modify your loan...this is big in the news right now. They may reduce the interest on your loan, maybe extend the term. You won't know until you get on the phone with the bank.
- Walk away. This is always a bad idea. You are still responsible for the loan, even if you leave the house. The bank will sell it, but if they sell it for less than you owe, guess what...you still owe it. Again, there are huge credit and tax issues with this option and it never makes anyone in your family feel good.
There are steps you can take TODAY to ease a very stressful situation. I've been where you are right now, and it was heartbreaking to hear from all the different people I tried to get help from that I had just waited to long and they just couldn't help me. Getting started TODAY is the most important thing. Reports show that 50% of the people who lost their homes never got in contact with the bank or tried to do anything to stop it - don't let yourself fall into that group!
For more information about anything from how to talk to your bank about restructuring your loan all the way to getting your house on the market to try to avoid getting it foreclosed on, call me - I have twenty agents that are experts in this area and they're ready to help you!
Danya Gresham
Coldwell Banker Wardley Real Estate
800-521-9658
danya.gresham@cbwardley.com
www.buyvegashouses.com
www.cbwardley.com
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