Are you having a hard time making your payments on your Las Vegas Home because your interest rate adjusted causing your payment to increase hundreds of dollars a month? You’re not alone as many Las Vegas Homeowners are facing the same dilemma. Instead of letting your home foreclose you have a few options.
- Contact your lender and see if you can adjust your payment
- Refinance – New FHA Guidelines allow you to refinance your house up to 90% LTV (loan-to-value) on current market value
- Short Sale
You can contact your lender to see if they will lower you payment but the chances of them lowering it any substantial amount is slim. From what I have heard from my clients, they usually will lower the payment by $100 to $200 a month.
FHA has just updated their guidelines which will take effect on October 1st, 2008. So if you are interested in this refinance option, you will have to wait till October 1st!
Your best option might be attempting to sell your Las Vegas Home as a short sale. A Short Sale is a special transaction that allows you to sell your home – even when your mortgage debt is higher then the value of your home. Lenders are motivated to approve short payoffs if it makes sense. The foreclosure process for a lender is very costly, takes a long time, and exposes the property to vandalism, deterioration, and declining market values.
If you have never been late on your payments and have a true financial hardship or compelling reason to sell your home (relocation, loss of job, hospitalization, divorce) the bank will still consider a short sale of your property. YOU DO NOT HAVE TO BE LATE ON YOUR PAYMENTS TO SELL YOUR HOME AS A SHORT SALE!
We will need to present to the bank a short sale package. Most banks request the same documentation, yet there are some that may require their own forms filled out and different actions. We will provide you with a package to fill out complete with a check list of documents needed.
Typically short sales can take anywhere from 45 business days to 120 days to complete from the time the offer is received. Contrary to popular belief, short sales are any thing but short in time. The true name is a short payoff when the lender is taking less than the full balance of the loan.