Problems With Using Bankruptcy to Stop Foreclosure in Nevada

Many homeowners feel powerless when their bank sends them a Notice of Default and might consider filing bankruptcy to stop foreclosure on their house. Knowing that they’re behind on mortgage payments can force borrowers to seek help in unlikely places.

If government loan modifications and repayment plans are unavailable to help a homeowner stop foreclosure, they can feel like their options are limited while going through a foreclosure.

With the threat of losing their family home and the stress related to major financial hardship, many homeowners will jump at any chance to stop foreclosure, no matter at what cost. Some homeowners might feel like their best option is filing for bankruptcy, but there are a multitude of problems with using bankruptcy to stop foreclosure.

Bankruptcy Misconceptions

problems when using bankruptcy to stop foreclosure

One of the main reasons homeowners choose to file bankruptcy on the cusp of foreclosure is due to the misconceptions associated with bankruptcy. Through misinformation and word-of-mouth exposure, people make assumptions on the bankruptcy process that are simply not true. These common misunderstandings contribute to the problems with using bankruptcy to stop foreclosure.

A likely misconception is that bankruptcy can stop the foreclosure process completely.

This is simply untrue.

Although declaring bankruptcy will buy time during the foreclosure process, it isn’t a permanent solution.

If bankruptcy is filed before the Notice of Sale, homeowners will experience a foreclosure bankruptcy stay. This automatic stay bars lenders from pursuing collective activities on a homeowner’s assets to repay what they already owe and begins as soon as the borrower files.

However, mortgage companies have the right to file a relief from stay.

Their case is especially strong if the borrower has already stopped making mortgage payments.

If the bankruptcy grants the motion, lenders will be able to continue with the foreclosure process. Unless a borrower is able to continue to make mortgage payments, filing for bankruptcy isn’t a reliable method to stopping foreclosure. It temporarily halts the foreclosure process; it doesn’t stop it permanently.

You Still Have to Pay Back the Loan

getting a loan to avoid using bankruptcy to stop foreclosure

Another common misconception is that homeowners who file bankruptcy can keep their residential property without having to pay back their loan.

Most borrowers file for bankruptcy to obtain a discharge, or release, from personal liability for their home loan debt. However, the foreclosure bankruptcy discharge is not guaranteed and is, thus, one of the ample problems with using bankruptcy to stop foreclosure.

The foreclosure bankruptcy discharge differs between chapters. When filing for Chapter 7, for instance, lenders have the option to object during a four-month-long grace period. They can file a motion to dismiss the case for a number of reasons and force borrowers to pay missed mortgage payments while continuing the foreclosure process.

With a Chapter 13 bankruptcy, however, homeowners can see a discharge only after successfully completing a payment plan, which usually lasts between three to five years. Before completing it, homeowners are vulnerable to foreclosure.

Amy Loftsgordon, contributor to a site all about national laws, wants homeowners to remember “that even though the borrower is no longer personally liable for the mortgage debt [with a successful bankruptcy discharge], the lender still has the right to foreclose if the borrower isn’t making mortgage payments.” Don’t count on a foreclosure bankruptcy discharge to save your home.

Foreclosure Bankruptcy Laws

signing paperwork to us bankruptcy to stop foreclosure

Before filing for bankruptcy, knowing your state’s foreclosure bankruptcy laws is necessary. Although there are a few slight variations to the laws throughout the country, the basic regulations apply to most homeowners seeking bankruptcy to disrupt foreclosure proceedings.

The changing bankruptcy laws can be a hassle when deciding to file. Approximately a decade ago, Congress overhauled the national bankruptcy laws, effectively making it harder for many people to file.

They reconfigured Chapters 7 and 13 bankruptcy specifically. Homeowners must pass a stricter means test to qualify for chapter 7 or risk paying back some of their debt in a separate Chapter 13 filing. In addition, the new bankruptcy laws require homeowners to get credit counseling prior to filing a bankruptcy case. These new additions are costly to homeowners in need of a speedy solution to foreclosure.

Before the change in policy, most homeowners were allowed to choose the type of bankruptcy ideally suited for their specific situation. Most decided to file for Chapter 7’s liquidation method over Chapter 13’s repayment plan.

The bankruptcy law initiated in 2005 now prohibits some homeowners with reported higher incomes from utilizing Chapter 7 bankruptcy. If a filer’s current monthly income is greater than the median for a household of equal size in their state, they must pass an additional means test before filing for Chapter 7. This bankruptcy law forces many homeowners to jump through time-consuming hoops before halting their foreclosure. If dealing with a foreclosure deadline, this added step can be costly.

the problem with bankruptcy to stop foreclosure

The foreclosing bankruptcy laws requiring additional credit counseling also contributes to the problems with using bankruptcy to stop foreclosure. Before filing for either Chapter under the new law, homeowners must complete mandated counseling with an agency provided by the United States Trustee’s office.

Although their purpose is to help struggling homeowners, these counseling sessions can hinder certain cases for bankruptcy. If the appointed counselors believe a borrower can meet monthly payments, they’re required to submit their findings to the court. These preliminary findings can be devastating to borrowers that need to stop foreclosure immediately or face eviction.

Before receiving an automatic stay from bankruptcy, filers must trek through many hurdles. These hurdles often impede a homeowner’s desire to keep their home. Although they may seem straightforward and simple, the ever-changing foreclosure bankruptcy laws and increased cost to qualify are some of the main problems with using bankruptcy to stop foreclosure.

Foreclosure Bankruptcy Taxes

doing research on your options when considering filing bankruptcy to stop foreclosure

Another one of the major problems with using bankruptcy to stop foreclosure is the current taxes aligned with selling. Homeowners must be wary of the additional costs to filing bankruptcy, especially if their goal is to ultimately save their home.

A common tax law requires bankruptcy filers to pay tax liability after receiving debt forgiveness. The principal treats any kind of financial forgiveness as a financial benefit, even if it means losing a home through foreclosure.

Homeowners are required to pay additional foreclosure bankruptcy taxes due to the federal government’s regulations, the Cancellation of Debt Income, or as a capital gain from foreclosure. If homeowners are currently struggling to pay their monthly mortgage payments, they’ll likely be unable to pay Uncle Sam, resulting in yet another incurred debt.

If a homeowner’s main focus is keeping their home despite their mortgage lender initiating foreclosure, filing for bankruptcy shouldn’t be a consideration. Filing for bankruptcy is time-consuming, the laws are constantly changing, and foreclosure bankruptcy taxes can be brutal on a homeowner’s wallet. Instead of experiencing the many problems with using bankruptcy to stop foreclosure, homeowners are advised to avoid the bankruptcy misconceptions and explore alternatives when facing foreclosure.

Are You Considering Using Bankruptcy to Stop Foreclosure

If foreclosure is looming for you, you should consider getting a cash offer from a cash home buyer. www.sellmyhousefast702.com has helped dozens of sellers in Las Vegas sell their house before foreclosure. This has allowed them to keep the foreclosure off their credit and receive some of the equity they had in the home instead of losing it all.

If you’d like to find out how much we can offer if you decide to sell your Las Vegas house fast, give us a call at 702-608-5755. We look forward to talking with you about how the process works and what we can do for you.

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How Can We Buy Houses Help You?

If you need to sell your house in the Las Vegas area, but you don’t have the time to wait for an agent to list it or to sell it by owner, give us a call! We buy houses all over the Las Vegas area. We pay cash for houses as-is and we close within a matter of days. In some cases we have closed sales in as little as three days.

This post will cover some of the different house buying situations that we specialize in. While we mainly deal with these types of situations, we buy houses under many other circumstances as well. You can visit our main page to learn more about our process and how to get it started.

Do you have too many repairs to make?

we buy houses help you with repairs
Whether repairs are voluntary or involuntary, their costs add up in a hurry. We’ve heard many stories about small home repairs turning into remodels because of wood rot and outdated plumbing. If you live in an area near lots of water, you may find yourself making more repairs than you’d like. Flooding and storms constantly keep you busy with your house. Arid places like Las Vegas also have their drawbacks. Normally there is a lot of leveling and roof work to be done. We buy houses all of the time that require repairs. We actually prefer them!

Have you inherited a house?

We buy houses that have been inherited, no matter what the circumstances. Whether you inherited a house though probate court or other less common ways, we’re interested in buying it. Inherited houses come with taxes, repairs and a houseful of extra stress. Why not get cash for your extra house and lose the headache?

Are you currently going through divorce?

we buy houses help you with divorce
Divorce is a tough thing for anybody to go through. More often than not, couples who just want to move on with their lives end up having to share a portion of it due to home ownership. Since we pay cash and close fast on houses, we offer the perfect service for getting rid of your home and moving on. The day that we close you will have money in your hands to help you get started with the next chapter of your life.

We buy houses before foreclosure.

Foreclosure is another one of those tough situations that some home owners have to go through. Once again, the services that we offer are the perfect way to help. We can make you a fair offer on your home that could possible cover the amount that you owe for foreclosure and give you the chance to start over in a new home. If you are currently in pre-foreclosure, let us buy your house before it hits foreclosure!

Is land lording too much to handle?

we buy houses help you with landlording
We buy houses from landlords all of the time. Being a landlord is tough business. There are vacant properties to worry about, questionable tenants to deal with, and the month to month cost of insurance and taxes on your properties. If you feel that land lording is something you want to do less of, or stop doing all together, give us a call. Whether they are occupied or not, we’d like to make you an offer on it.

Do you need to re-locate?

Many people have jobs that require them to change locations every few years. This can make selling your house more stressful than normal circumstances. When there are deadlines than need to be met it adds a whole other level of frustration to the process. Our ability to close fast makes selling convenient for you. You’ll be able to use all of the extra time saved by selling to us to move at a comfortable pace.

What does it all mean!?

we buy houses help you with financial freedom
We offer the most convenient and stress free way to sell your house fast and at a fair price. We buy houses all of the time from people listed in the above situations and some that are so unique that they don’t fall into any one category. We are house buying professionals who offer professional assistance. If you are serious about selling your house fast and need our help, we are more than willing to provide it!

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House Investors That Buy Houses for Cash in Las Vegas

You’ve probably heard of them before – house investors that buy houses cash in Las Vegas. www.sellmyhousefast702.com is one such company.

But what exactly are the benefits of house investors? Why is it becoming such a popular option? There are definitely advantages to house investors and many see it as a better investment of their time to go with one when they want to sell their house fast.

In this article, we’ll look at pros and cons of selling your house to a real estate investor so you can get a full picture of the business and what to expect when dealing with real estate investors.

house investors

All you need to know about house investors that buy in cash

Being a real estate investor is a fantastic job for those who enjoy networking and are extremely good at real estate sales. But do you know everything there is to know about real estate investors? Have a look at some pros and cons of house investors!

Here are the pros of working with investors that buy houses cash

Pros of house investors:

house investors

  • You won’t have to pay real estate commissions.

Normally, agents will charge certain commissions for using their service. Completely understandable. But house investors don’t and yet they deliver the same service, except faster.

  • They will help you update and upgrade your property.

And you won’t have to worry about any of this – unless you wanted to.

  • They offer flexible payment options.

By offering a variety of payment options you will be able to sell your house fast regardless of your financial state. Alongside, you will also be able to avoid foreclosure.

  • We are able to pay cash and sell your house fast

‘As Is’ sale means that your house can be sold without providing a warranty or being on the hook for problems with the house. You will be able to save a lot of money as well as time. House investors that buy houses cash do not need a warranty. They are getting a discount on the house and know it needs repairs.

  • No hidden fees.

Investors have no hidden real estate fees. This makes it easy to get a good price on your property.

Cons of house investors:

cons of real estate investors

  • They don’t need a license to buy

It might be hard to do a background check on the person selling your home, however, you should still be able to check reviews of the house buying company to make sure it is legitimate. A reputable house investor should provide you references and be honest and upfront about their business.

  • Scammers are out there!

It’s a popular way for scammers to make money off of innocent people. There are some we buy houses scams out there. So how do you make sure your real estate investor is legitimate? You should be able to look up any agent with the Better Business Bureau. An honest real estate investor will also be open to answer any questions you might have about the house selling process.

  • You might get less money for your house

Due to purchasing your house ‘As Is’, this usually means the value of the house will go down. However, due to so many hidden costs of real estate agents, you will often find that cost-free house investors are actually a better option as you roughly end up with the same amount of money as you’re not going through the usual paperwork process.

Investors that buy houses cash need to buy at a discount so that they can cover the unknown expenses they may incur.

6 things every house seller should know

things to know when selling your house

  • Give yourself time

Unless you want to sell your house fast, house selling is often a long process. Give yourself time to make sure things go the way you want them to and that you can sell for the value you want. You will need to be patient – it’s part of the game.

  • House viewings are a tiring process

Apart from keeping your house clean at all times, pet-owners will also have to keep an eye on their animals – or better yet, keep them away from the house during a viewing. You really don’t want your dog to run crazy around the house as your potential buyers are looking around. Warning: there will be a lot of time wasters.

  • But house viewings are also important

When preparing your house for a viewing, you should go beyond just hiring a cleaner or cleaning the property yourself. Sometimes painting the facade, decorating or even keeping the house warmer than usual during the viewing can help speed up the process.

  • Good photos are the secret to success

When you list your property, you need to make sure your photos are fantastic. They are the first ‘house viewing’ people will get – so either brush up on your photography skills or hire a professional who will help you take absolutely perfect pictures. Trust us – you’ll be thanking them later.

  • Get help when you need to

Everyone thinks they are able to sell the house by themselves. But are you really? Do you know the best ways to put your house on the market? Are you familiar with the tricks of the trade and know the real estate lingo inside out? If yes, good for you. If no, don’t worry – our blog is a fantastic resource with plenty of valuable real estate information that will help you make a right decision.

  • You can sell your house in just 2 days!

With www.sellmyhousefast702.com, your house can be sold in 2 days if necessary. We buy houses. Got repairs? Doesn’t matter. We buy houses for cash as-is!

house investors

Give us a call at 702-608-5755 or fill out our form – you will hear back from us with a cash offer in less than a day and you can close it whenever you want. Your house can be sold tomorrow, in a week or even in a few months – it’s up to you.

We’re also here to answer any questions you might have on the house selling process, avoiding foreclosure, selling your house with tenants still in it and much much more. Give us a call on 702-608-5755 and sell your house fast!

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Sell Your House Fast in Las Vegas

Selling a house fast is often an added unexpected stress, but it doesn’t have to be. Did you know you can actually sell your house fast and never have to worry about anything, including repairs? Yes, you can sell your house fast in Las Vegas!

In this article, I will cover everything you need to know about house buyers and the process that enables you to sell your house fast. We buy houses cash – scroll to the bottom of the page to find out how to contact us and start the process today. But for now, let’s get started.

Ways to sell your house fast

sell your house fast

You can sell your house extremely fast by going through a house buying company and here are steps you need to take to make sure the process will run smoothly and without any issues.

1. Research house buying companies

When doing your research, always make sure that the house buying company you choose, which advertises to sell your home fast, is actually not a scam. Check their reviews and testimonials, check their website data and make sure you call them. While some often rely on fake testimonials, you should know that it’s very easy to detect them.

How you can spot a fake testimonial:

  • Check their account

If the website offers a third-party review service, check the reviewer’s account. Does it look like it comes from a real person? You will be able to tell. You can spot a fake image by right clicking and doing a reverse Google image search.

  • Check the time of the reviews

If a site has plenty of reviews, you might want to see when they were published – a lot of reviews are often published all at once, as, of course, the owner made them. Check reviews from a third party website – if a company doesn’t have any, then it hasn’t been on the market long enough to gain any reputation. This could be either good or bad – it’s your decision.

  • Do the reviews look similar?

When it comes to fake testimonials, a ghostwriter will often use the same language, or at least one odd word, repeated in all testimonials – keep an eye on those as there are millions of ways a person can write a review. A scammer, especially when from a foreign country, will often have the same spelling mistake in his testimonials.

2. Fill out their form or call them

sell your house fast

After you’re done checking whether the house buying service is legitimate, give them a call or fill out their review form. A good house buyer should answer the call or have an automated service set up if they’re not available – if you have too many disconnected calls, don’t worry – this is not the person you want to work with. When filling out a form, the more information they request, the better it will be for you. Never reveal your personal information that could resolve in stealing your identity.

3. Show your house to the house buyers

When wanting to sell your house fast, you still have to do some sort of a viewing. Be honest – show what you think is the best feature in the house, but don’t forget to mention things that might need repairing. If you don’t, you might still get the cash, but it might cause an unfortunate chain reaction. Honesty is the best policy.

4. Make a decision

So how do you make a decision on the house buying company? There are a few things you should consider when choosing the right company to sell your house fast.

  • How fast can they sell their house?
  • How much (relevant) information they require?
  • Check their online reviews
  • Google their name and go beyond the first page.

5. Decide on the date

choosing a date to sell your house

When do you want to sell your house? Did you know that www.sellmyhousefast702.com allows you to sell at a time most convenient for you? Whether it’s 2 days from now or 2 months – we’re here to accommodate your needs. You can easily sell your house in 7 days! Scroll to the bottom of the page to find our contact number – we can’t wait to hear from you-

6. Sign the contract

After your search is done, it’s time to move on to the next step – sign the contract and sell. Here’s a few things you should be aware of if you’re about to sell your house fast.

  • Always sign a purchase agreement

Avoid closing anything at the kitchen table – you must sign a real purchase agreement and always make sure it is legitimate. Don’t sign over deeds until closing at a title company or attorney’s office.

  • Carefully check your contract

It’s best to consult with the lawyer to make sure there aren’t any contract flaws or possible fraudulent activities. Your lawyer will be able to determine the purchase agreement is legitimate and safe.

The fastest way to sell your house

sell your house fast

If you’re looking to sell your house quickly as is, you’re in the right place. Our website offers you everything you need to know about selling your house and if you’re still unsure on what to do, you can always give us a call at 702-608-5755.

We buy houses – just fill in the form and we will give you an offer in less than 2 days. Your house could be sold for cash in less than a week! Following the steps above and you’ll be able to sell your home quickly, safely and efficiently. Without any problems or worries.

We’d love to hear from you, so even if you just wish to talk about real estate or if you have any questions on the subject of stopping foreclosure, selling or renting out your house, give us a call at 702-608-5755.

We’re here to help you sell your home fast.

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