Are you in need of a short sale attorney Las Vegas? If yes, then understanding a few things pertaining to the entire process will help make viable decisions. The real estate industry has advanced over time diversifying operations and so is the banking industry. It is thus very likely that you will get a bank loan for some reason. In most cases, your house is used as collateral or rather security for the loan to go through. Now, times may change and things may not turn out as you had planned leading to loan repayment defaults. When this happens, banks come for your house that was collateral. Anyone who has been in such a situation understands the fragility and stress of having to lose a house. However, you can save yourself this hustle. How can you do this?
Hire a Las Vegas short sale attorney
What is short sale all about?
This is a common case where a person owes a financial establishment more cash than the house value. Even if the bank auctions and sells your house, it may still not pay up the entire debt. It is a situation that is best described as a house being underwater. If you are in such a situation, then stay put. You are not alone. It was estimated that 80% of houses in this region was underwater after the crash of 2006. This is sometimes very difficult to families that are relying on you. It is even harder as one can not block such measures from banks. The good things is that a qualified attorney will be able find out the details for you.
Getting a deficiency waiver
Because we are a Las Vegas short sale attorney, you will get best access to real estate legal assistance. This can help save your house and even debts. A common way that qualified legal teams utilize is getting a deficiency waiver. Due to the fact that your house value can not pay off the full debt, the extra cash needed is what is called a deficiency. Our professional legal staff will help get a deficiency waiver which is a document from the bank renouncing interest in the balance. This document basically insulates you from further legal response by the bank regarding the balance. Perfectly getting this done calls for legal professional who know their trade in this field.
Helping Get an Approval letter
A short sale approval letter is basically a document of agreement between you and the lender. It is quite difficult to understand legal terms stated in the documents. Some people tend to ignore them and suffer in future. This should not happen when you hire an attorney. He/she will be able to advise you on the terms and help you negotiate and sign when comfortable with the terms. There are many cases where one simply gets into more trouble weeks after doing the short sale. You don’t want to be one of them.
What does cash for keys entails
Something many people don’t understand is that banks actually want you to sell your house. This is because there are numerous government programs and bailouts. So what banks basically want to do is entice you to sell your house and get stabilize the housing sector. To effectively do this, banks came up with Cash for Keys programs that pays most homeowners to short sell their houses. In some instances, the price of such an arrangement can be at $33,000! Many people tend to rethink the idea do loan modifications instead.
Should you do a loan modification?
When you are underwater, it is always common to opt for any little chance that comes by. Loan modifications is that one such option. It is a process that aims at getting a bank to lower the amount you owe. However, the process can be quite long leading you into a short sale.
Why Short Sale Attorney Las Vegas and Not an Agent
Finally, there is this question where wants to choose between the two. Well, it would be better to have both of them, but not practically effective. In a typical Las Vegas short sale, there are two parts to the deal. One is that which involves property listing and offers collection, while the other concerns bank negotiations for waivers and cash for keys. It is good to have experts working on both ends and attorney work better when handling the legal part. However, most firms have legal experts hat double up as real estate agents too. That would be better!
If you are interested in learning more, contact us. We are a real estate attorney Las Vegas with a free consultation. The best short sale attorney Las Vegas is right here, and we can guide you through the process. Call us today at (702) 800-7230 for a free consultation.