Short Sale

Las Vegas Short Sale Lawyers 

Navigating Complex Short Sale Transactions

A short sale can allow an individual who is delinquent on their mortgage payments to successfully sell a house in which they have negative equity. The short sale process can allow the homeowner to avoid a foreclosure, while still freeing themselves of a home they can no longer afford. It is important to speak to an attorney before proceeding to a short sale so that you are aware of the tax consequences and what to expect from a short sale. An experienced Las Vegas short sale attorney can advise you as to whether this is your best option.

At Hurtik Law & Associates we offer free initial consultations with our short sale lawyers in Las Vegas. Call (702) 479-5322 or contact us online to get started.

What Is a Short Sale?

In a short sale, a property is listed for sale at fair market value and, once an offer is received, it is presented to the mortgage holder (bank, investor). The mortgage holder agrees to accept less than what is owed on the property to allow the sale to proceed.

The mortgage holder evaluates the offer based on several factors to determine its potential loss. The main items evaluated are the seller’s financial situation and the reason for a financial hardship that would not allow the seller to continue to pay on the mortgage note and could lead/is leading to imminent default of the loan.

Your success in completing a short sale with a deficiency release depends on just a few of the following factors:

  • Who is your investor or mortgage holder? Remember this is not always who is servicing your loan! Was the original loan an FHA, VA, Fannie Mae, or Freddie Mac loan? Do you have one loan, two loans, or three loans? Are any of the loans on the home HELOCs?
  • Are you current or late on your mortgage payments?
  • Do you have mortgage insurance on your loan?
  • Do you have assets and what are they? Are they liquid?
  • Is this your primary home or an investment home?

When negotiating a short sale, you need to know if the buyer for your home is paying cash or if they are attempting to get FHA or VA financing.

The short sale process can be complicated depending on the number of lienholders involved in the transaction. In Nevada, a lienholder can pursue a deficiency judgment or remaining loan balance for up to six (6) years. It is in the homeowner’s best interest to make sure the deficiency is released.

What are the Benefits of a Short Sale?

A short sale has less impact on the individual’s credit history in comparison to a foreclosure. Additionally, a short sale will also allow the individual the ability to purchase a future home in a shorter time frame as compared to a foreclosure. A short sale can remove many months of stress and uncertainty and allow you the freedom to plan your future.

Hiring an attorney to negotiate with lenders has a much higher rate of success in obtaining a deficiency release. Hurtik Law & Associates has a team of highly experienced and knowledgeable professionals who have successfully negotiated hundreds of short sales.

How Long Does a Short Sale Take?

On average, the short sale process takes about 4 months to complete. How long it takes depends on the circumstances of your situation and whether or not you have all the correct paperwork together. The timeline is broken down as follows:

  • Selling: 30 days
  • Approval: 60 days
  • Closing Escrow: 30 days

To ensure that your short sale goes through smoothly, it is best to have these documents from the last 2 years ready:

  • Tax returns
  • W2s or 1099s
  • Bank statements
  • Paystubs
  • Financial statements or 1126
  • Form 4506
  • A signed and dated hardship letter

Banks my request additional documents, which may delay the process, but the items listed above are typically requested. Be sure that you and your short sale attorney in Las Vegas are in contact and responsive to the bank to ensure that nothing is missed.

Call our Las Vegas short sale attorneys at (702) 479-5322 for a consultation to determine what the best option is for your circumstances.

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