Through a Short Sale!
So you have been thinking about just letting the bank take back your property through a foreclosure?
Unlike California, which offers generous anti-deficiency protections to borrowers who default and have their properties go to foreclosure, Nevada is a deficiency state. This means that if your lender forecloses on your property via a Trustee Sale (non-judicial foreclosure) or through judicial foreclosure, they can also sue you in Nevada court and obtain a deficiency judgment. Once a deficiency judgment is obtained, the holder of the judgement can put liens on other property and garnish wages. We are not attorneys and always recommend that you speak with an attorney in the appropriate jurisdiction....in this case Nevada....for legal advise.
What we do know is that we have had tremendous success with our Henderson & Las Vegas Short Sales negotiating away deficiency liability for our clients that have completed Nevada Short Sales with us. The large majority of short sales that we have been working out in Nevada recently include a release or waiver of deficiency, allowing the borrower off of the hook for any future liability to the bank or lender. We are also seeing an increase in lenders even agreeing to small incentive payoffs to short sale sellers, typically $3,000 to $5,000.
While a few years ago it was more difficult for an investor or a 2nd home to be able to complete a short sale, now more than ever lenders are willing to work with non-occupant owners on short sales. This is especially true in the Las Vegas market.
We are based here in Southern California, traveling back and forth up I-15 to Vegas. Because we are based here, we can arrange to meet you locally, at our offices in Yorba Linda, Orange County or Hermosa Beach, LA County, or at another California location.
