Proactive Homeowners Sometimes Prevent a Las Vegas Foreclosure
http://www.TheBallenGroup.com | 702.482.7739 | Las Vegas Real Estate Specialists
Note: At time of this blog posting, there were 407 Single Family Las Vegas Foreclosures for Sale in Las Vegas with no contracts accepted.
Even though national foreclosure rates have continued to drop, the threat of becoming another Las Vegas foreclosure statistic is still very real for some Nevada homeowners. It’s at least somewhat reassuring to understand that most banks don’t really want a foreclosure — so for homeowners who take an early proactive approach with their lender, losing their home does not have to be inevitable.
Mortgage Restructuring: Refinancing a Home in Las Vegas
For anyone who has fallen behind on payments, Job One is to discuss the situation with your banker. If a mortgage restructuring is possible, you may have an opportunity to refinance at a lower rate with more manageable payment amounts. In some cases, it may be possible to alter other terms of your agreement — for example, you might arrange to postpone any delinquent payments to the end of the loan’s term. You have to ask.
Payment Deferral Options
If payment failure has been caused by losing a job, a medical condition one of the other more common causes, some banks will work out payment deferral options. If you have prepared documentation to back up your hardship claim, it is more likely that the lender will be able to offer an agreement to defer your payments while you get back on track.
Las Vegas Short Sale
If the financial situation is such that you know you can no longer sustain regular payments, it may be best to consider doing a Las Vegas short sale — the option where the bank agrees to accept sale to a third party for a sum that falls short of the loan’s balance. It means loss of the property, but results in a better credit history than does a Las Vegas foreclosure.
A foreclosure in Las Vegas becomes inevitable if the reality of a tough financial situation isn’t recognized and addressed. If you take positive steps as soon as you realize your are going to miss a payment, you put yourself in the best position to open options that are less problematic than full foreclosure. If you find you could benefit from a strictly confidential price evaluation on your home, call The Ballen Group, Las Vegas Real Estate specialists at Keller Williams Realty Las Vegas Summerlin 702.482.7739 — sometimes a property can be worth more than you think!
"My husband and I contacted The Ballen Group to do a short sale on our Las Vegas Property. We had both financial and personal hardships at the time (my parents were in hospice care). Needless to say, our lives were very stressful and we needed a competent realtor to get the job done as soon as possible.
The Ballen Group not only sold our property in a timely fashion with all our debt forgiven, but they went above and beyond our expectations. They impressed us with the time they took to explain how the sell was progressing and to answer any questions in detail. We appreciated their weekly updates and contact they maintained throughout the process. And, last but not least, their positive attitude was a huge support to us during this difficult period of our lives." ~ Mary and Monte
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