Las Vegas, Nevada – Is your monthly mortgage payment increasing because your loan modification will be adjusting soon? You are not alone. According to the Federal Reserve, over 3 million loan modifications are set to adjust in 2016, in addition to approximately 3.6 million HELOC’s.
Millions of American families took advantage of programs such as HARP, HAMP, Making Homes Affordable, etc. in an effort to save their homes. These programs offered homeowners a “quick fix” by allowing families the ability to stay in their homes while paying a reduced monthly mortgage payment. Unfortunately, the fix was temporary. Many homeowners are finding out that not only will their monthly payment be increasing, but in some cases, it will actually be higher than before the loan modification process started. This places millions of Americans in a bad position. While home values have increased, many Las Vegas homeowners are still “upside down” in their homes (meaning they owe more than the home is worth)
If your loan modification will soon be adjusting, YOU HAVE OPTIONS.
There has never been a better time to Short Sale your home than 2016. Congress recently extended the Mortgage Forgiveness Act, which allows homeowners doing a short sale on their primary residence the ability not to pay taxes on the forgiven amount. (Bill H.R. 1002) This applies both to homeowners doing short sales in 2016, in addition to homeowners who did a short sale in 2015.
Additionally, homeowners may qualify for $10,000 in relocation assistance by doing a HAFA short sale. In 2015, the Making Homes Affordable Program was amended as follows, “Upon the successful closing of a HAFA short sale, a borrower who occupies the property as a principal residence shall be eligible to receive relocation assistance of $10,000.” HAFA short sales that closed prior to February 1, 2015 were only eligible to receive $3000.
Please note that not everyone will qualify for HAFA. Additionally, bank participation in the HAFA program is not mandatory. In order to qualify for the $10,000, it’s absolutely critical you work with an experienced Real Estate Agent proficient with the short sale process. Nobody understands this process better than The Myers Team. They have successfully negotiated relocation funds for hundreds of their clients. Working with an inexperienced agent, who does not understand the criteria to qualify could be an expensive mistake. For example, if you move out of your home prior to the short sale being approved, you will not qualify for the $10,000 in relocation funds. If your agent does not explain this to you from day one, they may be harming your ability to receive relocation funds.
Myers Team owners, Bill and Francoise Myers with Simply Vegas Real Estate are Las Vegas Top Short Sale Agents. Since 2007, they have closed more short sale transactions than any non-lawyer affiliated Agent or Broker in Nevada.* They will walk you through the short sale process and handle the difficult paperwork. Additionally, their short sale services are FREE. There is no need to pay anyone to do a Short Sale, and this includes Attorneys. Banks pay the Broker Fees in a Short Sale transaction; however, Banks typically do not pay for any Attorney fees. Hiring an Attorney to help you with a Short Sale can be very expensive, and does NOT guarantee any better outcome.
Don’t take any chances. Contact Nevada’s Top Short Sale Agents.
Call The Myers Team Direct: 702-677-4343
Click The Links Below:
For Short Sale Info, CLICK: http://www.NevadaShortSaleInfo.com
For Traditional Sales, CLICK: http://www.LasVegasList4Less.com
Para Español: http://www.lasvegaslist4less.com/para-espaol.asp
*The Myers Team are licensed Real Estate Agents. They are not CPA’s, Accountants or Attorneys. The content above is for information purposes only and should not be construed as tax or legal advice. The information provided is obtained from public records, it is deemed reliable but not guaranteed. Agent production is based on short sale listing ends from non-lawyer affiliated Agents and Brokers.
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