Las Vegas Foreclosure Options

If you are a Las Vegas area homeowner facing the possibility of foreclosure, here are some options for you to consider.  We offer a FREE, NO OBLIGATION consultation, during which we provide more details in order to help you make an informed decision.

Visit www.shortsaleconsultantsofnevada.com for more detailed information and valuable resources.

Options For Las Vegas Homeowner Facing Foreclosure

1. Reinstatement - Up until the day of the court house sale, the homeowner has the right to make up all payments that are in arrears, which will stop the foreclosure.  The payment will include all payments late fees and court costs.
   
   
2. Forbearance or Re-Payment Plan -  The homeowner negotiates with the mortgage company, allowing them to repay back payments over a specified period of time.  The homeowner typically makes current mortgage payments, in addition to a portion of past due amounts.  The Forbearance is paid in smaller payments over time, rather than in one lump sum.
   
   
3. Refinance - If a homeowner has sufficient equity in his home, and credit and income allow him to qualify for a new loan, the mortgage company can refinance the existing principal amount at a lower interest rate;  this reduces the homeowner's monthly payments.
   
   
4. Mortgage Modification - A mortgage modification involves the reduction of any of the following:  balance of the loan, term of the loan, interest rate on the loan, or any combination of these.  The benefit is generally a lower monthly payment and, possibly lower total mortgage cost over the life of the loan.
   
   
5. Rent - The homeowner maintains ownership of the property and continues to make payments while collecting rent from tenants.  This option allows the homeowner to keep the property as an investment, to sell at a future date.
   
   
6. Deed In Lieu of Foreclosure - This is a "voluntary" type of foreclosure, in which the mortgage company agrees to take possession and title to the property, without going through the foreclosure process.  A Deed In Lieu will affect the homeowner's credit, but the mortgage company often waives its right to a deficiency judgment against the homeowner. 
   
   
7. Bankruptcy - Homeowner hires a Bankruptcy Attorney to file for Chapters 7, 11 or 13, requesting the courts to dismiss all or part of outstanding debt.  Bankruptcy delays, but does not stop, foreclosure.  Bankruptcy is damaging to credit and can be declared only every 7 years.  Homeowners also face possible tax consequences.
   
   
8. Sell  - Homeowners with sufficient equity in the property, or with available cash to contribute at close of escrow, selling is an excellent option.  This preserves your credit and allows you to purchase another home at today's reduced prices and low interest rates.  We can provide a Comparable Market Analysis to determine current value of your home, which will help you to decide is this is the best solution for you.
   
   
9. Service Members Civil Relief Act -  If a member of the military is experiencing financial distress due to deployment, he/she might qualify for relief under the Service Members Civil Relief Act.  This act also provides military personnel with other protections.
   
   
10. Short Sale - A homeowner owes an amount on his property that, when combined with closing costs, is higher than current market value.  A Short Sale is a complicated transaction, best handled by a Real Estate Broker with specialized training.  Some homeowners owe on more than one mortgage, requiring separate negotiations between Broker and lenders.  A Short Sale allows the homeowner to avoid foreclosure.  If the Short Sale is successful, the homeowner's credit is affected, but less negatively than in the case of foreclosure.  Please call 702-876-3553 or email terrilvp@cox.net today to receive our Free Report - "FORECLOSURE VS. SHORT SALE - HOMEOWNER CONSEQUENCES" for detailed information about the Short Sale alternative.

Why select a Broker who is a CDPE?

A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate Broker. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs.  CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.