I’m Facing Foreclosure What Are My Options?

Homeowners have several options when facing foreclosure.

facing foreclosure options

Loan modifications, secondary loans, borrowing from acquaintances, filing for bankruptcy, and selling are all possibilities with varying success rates.

But all foreclosure options aren’t equal. Some common methods used to avoid facing foreclosure can leave the homeowner incurring a larger debt. Other recommended strategies used to stop foreclosure require third-parties to be sympathetic to the foreclosure plight.

If halting foreclosure is a homeowner’s goal, the best foreclosure option might be the least likely.

Modifying Your Loan When Facing Foreclosure

facing foreclosure loan

One of the most common foreclosure options homeowners consider when facing foreclosure is modifying their pre-existing mortgage. This method consists of contacting your mortgage company and requesting one of the many loan modification programs currently out there. While this method is attractive due to its lack of major lifestyle intervention and the ability to keep your home, many homeowners can’t meet the strict modification regulations to keep the foreclosure process at bay.

Typically, loan modifications change the terms initially instituted by a loan agreement between a borrower and a lender.

The lender can change the mortgage payment multiple ways: by lowering the interest rate or late fees, extending the loan term, or reducing the original amount of the agreement. The goal is the same though. Loan modifications are used strategically to lower the monthly payment plan so the homeowner can keep making payments.

It’s an effective solution as long as a borrower is willing and able to continue payments.

There are several loan modification programs to assist homeowners in making those monthly payments. One of the most popular is the new Home Affordable Modification Program, enacted by President Obama. Also known as the Homeowner Affordability and Stability Plan (HASP), it allows homeowners to refinance to reduce monthly payments. This program implements a special Making Home Affordable loan modification that can be applied by lenders for homeowners at risk of facing foreclosure.

HASP, as well as most other loan modification programs, comes with mountains of paperwork and a hefty application process. To begin, a lender will ask the homeowner for a set of documents which will be assessed for general qualification. This will include a hardship affidavit in which the borrower explains the set of circumstances that led them to the inability to pay the current mortgage amount.

It also must include the reasons way the borrower will be able to pay the proposed modified mortgage. These hardship letters can be tricky and time-consuming to write and are not often accepted when considering a home loan modification.

Borrowing Money

money back when facing foreclosure

Other common foreclosure options include borrowing money. Homeowners threatened with facing foreclosure need money fast to keep the creditors satiated. Even with a successful loan modification, borrowers need to pay their monthly payments. Often times, cash-strapped homeowners will seek help from friends and family.

Borrowing a large amount of money from friends and family is a bad idea though, especially when your home can be seized by the bank at any time. Money Crasher’s Casey Slide compiled a list of reasons why a person shouldn’t lend money to family and friends.

However, this list can be used to argue why homeowners should avoid borrowing from their loved ones too. Some of Slide’s complaints included people’s ability to be unreliable, borrowers feeling like a servant to the lender, and ending an important relationship due to a loan agreement gone wrong. At best, receiving a loan from a friend or family member will leave a homeowner indebted; at worst, it can leave them with an eviction notice and a failed relationship. Before borrowing money from loved ones, consider other foreclosure options.

Homeowners also choose to borrow money from other loan-offering entities to offset any arrears accrued by their missed mortgage payments. Attempting to pay off a loan with another loan can be dangerous for a homeowner’s credit and lead to a larger debt. It’s an ill-advised method to avoid facing foreclosure.

Facing Foreclosure & Filing Bankruptcy

facing foreclosure options bankruptcy

Many homeowners in financial distress believe the best foreclosure option is filing for bankruptcy to stop foreclosure.

This is due to the numerous misconceptions associated with bankruptcy relief. These misconceptions allow homeowners to believe several fallacies, including bankruptcy will stop you from facing foreclosure, it’s a simple process to file, and that filers will be able to keep their home without paying what they owe on their mortgage. Unfortunately for homeowners, these blanket statements are simply untrue.

Although declaring bankruptcy will buy time during the foreclosure process, it won’t stop the process completely.

If a homeowner files for bankruptcy during the foreclosure process but before the bank sets an auction date, homeowners will be granted an automatic stay. This motion stops lenders from collecting a homeowner’s assets to repay what they owe on the mortgage.

Although an automatic stay is initiated as soon as the borrower files for foreclosure, lenders have rights to appeal this motion. Mortgage companies may file a relief from stay, especially if the borrower has already stopped making monthly mortgage payments. If the bankruptcy grants the lender’s motion, the mortgage company will be able to continue with the foreclosure process and limit the homeowner’s foreclosure options.

A major hassle when filing for bankruptcy are the laws and restrictions associated with the process. Even though all homeowners are allowed to seek the bankruptcy option, many are unable to file due to recent laws that were passed by Congress.

The new bankruptcy laws require homeowners to receive credit counseling from creditors approved by the United States Trustee’s office before filing a bankruptcy case. If the counselors believe a borrower can meet monthly payments due to any number of factors, they’re required to submit their findings to the bankruptcy court. These preliminary findings can devastate a borrower’s bankruptcy case while forcing homeowners to continually pay for a mortgage they can’t afford.

In addition to mandatory credit counseling, homeowners must pass a stricter means test to qualify for bankruptcy. The newest bankruptcy laws restrict some homeowners with higher incomes from filing for Chapter 7 bankruptcy. Whereas outdated bankruptcy laws allowed homeowners to file for either Chapter 7 or Chapter 13 without restraint, the new regulations require homeowners to pass a means test if a filer’s current monthly income is greater than the median for a household of equal size in their state. This addendum to the already tedious bankruptcy laws are costly to homeowners in need of speedier foreclosure options.

Whether it’s a Chapter 7 liquidation of all debts or a Chapter 13 repayment plan, filing for bankruptcy is not a permanent solution to avoid facing foreclosure. Homeowners are not guaranteed to keep their home while risking seven years of poor credit. For borrowers that need to stop foreclosure immediately, this is not the best foreclosure option.

Selling Your Home Fast

house for sale when facing foreclosure

One of the best options a homeowner has when facing foreclosure is selling their home before an auction. This allows the homeowner to pay off their mortgage and other secondary loans associated with the house, while pocketing any extra profit made from the sale. If the threat of foreclosure is imminent, selling your home as quickly as possible is the best way to avoid facing foreclosure. When a homeowner sells their property, they avoid the credit-destroying experience of foreclosure while able to pay off any lingering debts that caused their initial financial hardship. Consider a cash home buyer to sell immediately, if you’ve already received your Notice of Default. Selling before the lender regains ownership saves the homeowner time and money.

Foreclosure help comes in various shapes and sizes. While asking for help from your mortgage lender or family can be successful, homeowners are often put in precarious financial situations worsening their debt. Filing for foreclosure may also help some borrowers in need, but the heavy restrictions and general misconceptions make it an unreliable option. One of the best options when facing foreclosure is selling your home before auction and paying off your mortgage. Selling a foreclosed home can be simple and lucrative if sold to the right buyer. Weigh your options before attempting to stop foreclosure.

Get a Cash Offer if You’re Facing Foreclosure

We buy houses in Nevada and can close very fast. This gives you an option if you are facing foreclosure. We are able to buy the house completely as-is so that you don’t have to make repairs or wait for them to be made.

You won’t have to wait for a qualified buyer to come along because we are the buyer!

We make cash offers within 24 hours and there is no-obligation or fee for us to do so. If you like the offer, we move forward. If you don’t, we won’t. Simple as that.

Give us a call at 702-608-5755 to see what can pay for your house today.

Sell My House Fast 702

I Need to Sell My House, What Should I Do?

“Help! I need to sell my house!”

It happens all the time. People have situations that leaves them saying “I need to sell my house NOW!”

There are many reasons a homeowner may be looking to sell this year. Job relocation, family transplanting, or property downsizing are all common factors when considering to sell. With 2016’s healthy housing market and continual recession recovery, capitalizing on a seller’s market is a smart, financially sound decision many homeowners are making. But many sellers wonder where to even start. How do I let go of my property when I need to sell my house fast?

stressed because i need to sell my house

When you’re thinking ‘I need to sell my house fast’, homeowners may believe diving right in will save them time and money. If selling as soon as possible is a priority, knowing the overall selling process and the few considerations involved will be invaluable information that will shorten your property’s time on the market. Before initiating the selling process, homeowners should consider these simple steps to ensure their home is sold as quickly and efficiently as possible.

How Much Do You Owe?

Knowing as much about your property as possible is a great place to start your selling process. How much square feet are you working with? How old is the property and has it appreciated during the years you’ve owned it? Are there any major repairs or updates needed that might impede a sell? The answers to these and multiple other questions will not only help you sell your home to potential buyers but also give you a general estimation on how much to price it.

One of the most important questions homeowners must answer, however, is about their preexisting mortgage. How much money is left on your loan? Unless you’re keeping hard copies of the mortgage bill each month – a highly recommended strategy for anyone with long lasting payment plans – you might not be able to recite the exact figure off the top of your head. Thankfully, homeowners can remedy this issue rather quickly.

Determining the principal amount owed on a home loan is simple. A short call to the mortgage lender can give you all types of information: last amount paid, interest rates, payment plan terms, and even the exact amount still owed. Why is this information pertinent to homeowners looking to sell? Unless a homeowner is gripped with an underwater mortgage, knowing how much you owe means knowing how much profit you’ll potentially make from selling your home. Homeowners can make a pretty penny if they sell their property for more than what they owe. The capital (gains) earned can be taxed dependent on state and the situation, but most homeowners earn at least a few thousand dollars at closing. This can help pay off commission and selling fees or used as a basis for a new property. The more a homeowner knows about their mortgage, the better off they’ll be when starting the selling process.

A Little Research Goes a Long Way

i need to sell my house research

Taking the time to research your property is one of the most important steps when looking to sell your home. Unless a homeowner knows what similar houses are selling for, how long they’re typically on the market, and if those homes are in better condition, homeowners looking to sell are at a serious disadvantage.

Put in the effort and do some quick research for a fair home estimate. Most homeowners don’t know what their property is actually worth without requiring the aid of a professional. Whether it’s an appraisal or using the aid of an inspection, homeowners can be clueless to the value of their house. Without hiring professionals that require tremendous fees, an hour online can provide a safe estimate on your house.

What are the best sources to use when I need to sell my house? Third party real estate sites can offer property information in a particular region without calling in the professionals. Utilizing sites like Zillow and Trulia, homeowners will be able to compare their home to others on the market that have similar upgrades. Knowing what comparable homes in the same shape sold for is essential when determining a selling price. These sites also give statistics on homes. These stats can show how long a particular property took to sell. When needing to sell fast, knowing a home’s timeline on the market is essential.

Selling with an Agent

i need to sell my house with an agent

After gathering all the information you can about your property, it’s time to sell. Many homeowners are convinced that hiring a real estate agent to sell their property is the smartest decision. But selling with an agent can leave you in the housing market limbo for months at a time. If I need to sell my house right now, I’ll avoid real estate companies and travel the For Sale By Owner (FSBO) route.

Selling with an agent has its perks. Agents typically pay for your home’s advertising, prep for open houses, and find potential buyers. But these perks come at a steep price some homeowners aren’t willing to pay. Keeping your home in peek condition is one sacrifice sellers must make when using an agent to sell their property. Unless your family is immaculate and your property is already in showroom condition, sprucing up a property to meet a realtor’s expectations can be both time consuming and costly.

Realtors aren’t cheap either. Although they offer services that some busy homeowners may be thinking “but I need to sell my house now”, and most property owners can do what an agent does at a fraction of the price. Advertising your home on sites or in the paper can be just as effective as paying a premium for a realtor. Homeowners can also orchestrate their own open houses to attract buyers. Setting your home and providing information via homemade brochures require little time or cost. If you find yourself thinking “I need to sell my house quickly“, forego the hired help and do it yourself.

Selling with www.sellmyhousefast702.com

i need to sell my house fast

When I need to sell my house as quickly as possible, I seek out cash buyers. Not only do they offer fair prices on properties, home buyers provide the shortest timeline when selling. Forget three months on the housing market; how about three days? If you’re looking for a trustworthy cash buyer company with years of experience, consider www.sellmyhousefast702.com.

Avoid the typical hassles when selling your home. www.sellmyhousefast702.com can close within a week. Homeowners don’t need to make major repairs or updates to receive a fair cash offer; www.sellmyhousefast702.com will buy any property fast. Instead of paying for the appraisals, inspections, surveys, and closing costs associated with hiring an agent, www.sellmyhousefast702.com will buy your home without demanding out-of-pocket expenses. There’s no catch!

Capitalize on 2016’s healthy housing market by selling your property as soon as possible. If you want the best offer with the speediest time frame, consider www.sellmyhousefast702.com. They provide the smoothest transition between selling and moving without paying a dime.

Paying cash For Las Vegas Houses

Where Can I Get Foreclosure Help in Las Vegas, NV

Homeowners can have a tough time trying to avoid foreclosure. Late fees, exorbitant monthly payments, and other bills can make affording your current home a nightmare. Tackle on unexpected financial hardships and you’ll almost certainly experience the foreclosure process. But homeowners aren’t alone when needing foreclosure help in Las Vegas, NV. There are many programs and methods to avoid foreclosure when trying to save your home.

Government Foreclosure Help

foreclosure help money back

There are several places to find foreclosure help in Las Vegas, NV. Seeking foreclosure help from the government is one of the most common methods. Before contacting your lender about general loan modification, familiarizing yourself with the current initiatives enacted by the federal government can give homeowners the much-needed edge to avoid foreclosure.

One of the most common programs used by homeowners in foreclosure trouble is the Home Affordable Modification Program (HAMP).

Specifically, HAMP is used to lower a borrower’s monthly mortgage payments to make them both affordable and sustainable. The program achieves this by adjusting interest rates, extending payment terms, and reducing – or even forbearing – the loan’s principal for qualified homeowners. HAMP boasts that homeowners save approximately $500 per month on average. Half a grand can be home-saving for homeowners seeking foreclosure help.

Another loan modification plan went into effect 2013 to help homeowners avoid foreclosure. Created by Federal Housing and Finance Administration (FHFA), the Streamlined Modification Initiative (SMI) is similar to HAMP by offering homeowners the opportunity to redefine their mortgage payment plan.

Unlike HAMP, however, SMI allows borrowers to qualify for mortgage relief without gathering mountains of paperwork and applying. The mortgage company must mandatorily offer SMI after a borrower misses payment deadlines before initiating foreclosure, typically between 3 and 24 months.

Before SMI modifies the loan permanently, eligible borrowers will be required to make 3 on-time trial payments. The exact terms for those trial payments will differ among homeowners, but will be based on a fixed interest rate and sent through a letter in the mail. Once the trial is completed successfully, the loan changes are permanent. The SMI may also require principal forbearance and extended payment terms for some underwater borrowers.
court foreclosure help. the problems that can come up with foreclosing

“This new option gives delinquent borrowers another path to avoid foreclosure.” FHFA acting director Edward DeMarco said in a press release when SMI was initially proposed. “We will still encourage such borrowers to provide documentation to support other modification options that would likely result in additional borrower savings.”

SMI was enacted to minimize losses and help financially troubled homeowners avoid foreclosure. The program specifically targets government-sponsored agencies Fannie Mae and Freddie Mac, two of the leading insurers in the nation. Currently, the program works in tangent with a new government initiative enacted this year called the Principal Reduction Modification Program (PRMP).

PRMP is a one-time program for underwater borrowers that need assistance meeting monthly mortgage payments. This new program builds on the pre-existing SMI. If the homeowners can meet the lower payments and accept the lender’s final modification, the principal forbearance amount instituted by SMI will be forgiven. This means that homeowners who qualify for a PRMP will not have to pay back portions of their loans ever. It’s a greatly limited program for borrowers that need foreclosure help in San Antonio, TX.

If homeowners can’t qualify for any of the multitudes of loan modification programs or seek general consultation, the U.S. Department of Housing and Urban Development (HUD) offers free housing counseling services. By contacting an HUD-approved foreclosure avoidance counselor, homeowners can receive information and assistance necessary to avoid foreclosure. This option can be found conveniently on HUD’s website and is no-cost foreclosure help from the government.

Foreclosure Help for Veterans

veterans dealing with foreclosure help

Seeking foreclosure help in Las Vegas, NV can be especially easy for veterans. In addition to the government programs offered above, veterans can seek help from the U.S. Department of Veterans Affairs (VA). VA not only offers ample benefits, news, and careers for active and retired servicemen and women, it provides a plethora of resources designed to keep veterans in their homes.

One of VA’s more helpful resources is the Home Loan Guaranty Service (HLGS). This program offers the assistance of more than 150 trained loan technicians situated throughout the country.

Much like HUD’s housing counselors, the service helps veterans understand how to retain their homes and avoid foreclosure with knowledge and assistance. They have some of the lowest rates in the industry while specifically targeting veterans that need government foreclosure help. Impressively, HLGS has helped nearly 300,000 veterans who were delinquent in their mortgage find a solution to avoid foreclosure.

Many veterans struggling to make monthly mortgage payments find relief in a VA streamline refinance loan. They’re similar to SMI but are restricted to homeowners that are also veterans.  Officially known as an Interest Rate Reduction Refinance Loan (IRRRL), an IRRRL is a VA-guaranteed loan that lowers your interest rate. Consequently, it decreases the monthly principal and interest payments and offers veterans a better chance at making payments. Veterans are eligible for these refinance loans if their home loan is one of the special VA-guaranteed loans.

Receiving an IRRRL does not require an appraisal, credit information, or underwriting. This allows veterans to apply without restrictions, saving precious time and money during the high-stress situation of a foreclosure. Veterans are allowed to use an IRRRL to refinance an underwater home though. (Remember, being underwater means owing more to your lender than your home is worth.) The basis for an IRRRL is the existing VA loan that cannot be paid, instead of the current market value of your home. Therefore, veterans can receive a greater refinance to pay off any financial hardships keeping them from making those mortgage payments.

Foreclosure Help to Save Your Home

getting foreclosure help

If the loan modification process seems too time-consuming or a homeowner isn’t eligible for the government foreclosure help, there is yet another option. Many homeowners at risk for foreclosure seek foreclosure help by contacting a company that buys houses directly. This option is not only less stressful, it’s also extremely effective when trying to avoid foreclosure.

Many homeowners assume that house buyers are solely interested in buying properties.

However, many house buying investment companies would rather offer free foreclosure help to homeowners in need than make a sale.

House buying companies know the emotional and financial stress caused by foreclosing and all sympathetic to those experiencing financial issues. They’re also unbiased; unlike your lender, house buyers have no financial stake in your loan defaulting. Before making a call to your mortgage lender, contact a house buying company to see what your options are from an unbiased point of view. Unsolicited and sympathetic foreclosure help in Las Vegas, NV is always the best option.

www.sellmyhousefast702.com is one such house buying company in Las Vegas. Give us a call at 702-608-5755 so we can help you with options to avoid foreclosure.

We Buy Houses Fast in Las Vegas, NV

You’ve probably seen ‘we buy houses fast’ signs in Las Vegas, NV, and wondered what they were about. Well… we buy houses fast in Las Vegas, NV and I’ll tell you why.

First of all, welcome to our blog. Here you’ll find plenty of helpful articles on real estate, ranging from buying and selling your house to renting out your property. We offer tips and advice to anyone interested in the real estate business.

we buy houses fast

I need to sell my house fast!

You came to the right place.

In this article, I’ll discuss the importance of our house buying business and why you should consider a cash house buyer instead of going through the usual long house-selling process.

Companies that buy houses quickly are on the rise and you probably know a few people who buy houses fast. Are you ready to discover this real estate industry changer? We buy houses fast!

What are the pros of selling to a cash house buyer?

Selling to a cash house buyer has many advantages you’re probably not aware of. In this article, we’ll look at a few detailed ways selling your house fast can benefit you more than selling to an agent.

  • You can avoid foreclosure

Many people are looking for tips and tricks on how to avoid foreclosure. With a cash house buyer company, you can do just that. Being able to sell your house before it goes into a foreclosure is extremely rare and almost impossible when you’re selling to an agent. But with a cash house buyer, avoiding foreclosure is just one of many benefits you can get.

We have bought from a client that was facing foreclosure the very next day by getting the bank to agree to avoid having the house go to auction because we were going to buy it and then closed on the very next day. It’s fast, it’s safe and reliable. And we help you every step of the way.

  • We buy houses fast

It’s a fast process. Your house can be bought in just a few days, or, if you’re not ready yet, in a few months. It’s completely up to you. It’s an ideal choice for those who need to relocate quickly and don’t have time to go through the long process of selling to an agent. We are safe, reliable and completely trustworthy.

  • No hidden fees

We don’t charge fees. Not even for offering you real estate advice. You simply fill out a form, we call you back and it’s a done deal. Real estate business is fast and selling your house used to take a lot of time away from people – not anymore.

  • No repairs!

We buy houses fast and take them in any state – you won’t have to worry about making repairs or making sure your house is in a perfect condition. All those things just delay the selling process and that’s the last thing you want. We completely get it.

  • Absolutely no paperwork

We mean it when we say no paperwork. No bank loan approvals, no foreclosure, nothing. Just a quick and safe sale. Imagine never having to fill or scan piles of documents, get references, and deal with all unnecessary things again.

  • You decide when you want to sell your house

So, you need cash in 2 days time? No problem! Or do you want to take your time and can’t currently move out, but you’re still thinking about selling your house? Are you a veteran from Las Vegas who needs to relocate? It doesn’t matter – we will cater to your needs. Try us!

So how safe is cash house buying?

we buy houses fast with cash

It’s natural for people to question a no stings attached process. I talk more about how to spot cash house buying scammers in my other articles, but you should know that scammers can be found in absolutely every profession. Cash house buying is completely safe if you know who to trust and how to spot scammers – there are as many scammers as there are legitimate companies. Always be careful and always be safe. Remember, there are people who use the popularity of the ‘we buy houses’ campaigns to take advantage of homeowners. Always be careful of ‘we buy houses’ scams!

How do you spot cash house buying scammers?

When researching the company, it’s important to check their credentials. Google their name beyond the first page and use different keywords to see what comes up.

A safe and legitimate company that buys houses quickly will always be ready to answer any questions you might have about the process. As us, they might even have a detailed blog with benefits on selling or buying your house.

The team behind www.sellmyhousefast702.com works hard to make sure you are provided with the best information possible- Sell your house fast and do it the right way.

What is the biggest benefit of buying houses fast with cash?

we buy houses fast for sale

We talked about the pros of selling to a cash house buyer. But the biggest benefit of people who actually buy houses fast is the freedom of living without a mortgage. Imagine no monthly mortgage payments, nothing that takes away a huge portion of your income. That feeling of being mortgage-free is absolutely incredible, and this why many people are buying houses with cash.

Buying a house with cash also benefits your credit score. Applying for various types of credit is easy when you don’t have mortgage payments holding you down.

We buy houses fast

We buy houses fast. It’s what I do. I’m ready to help you with anything you might need. My website can provide you with all answers you might have on the house-buying process, but we don’t just stop there. Thinking of becoming a landlord? Going through a divorce? Wondering how to stop foreclosure? Or just in need of simple advice on how to sell your house fast? All information is available to you for FREE.

And if you’re still not happy with what you find – give me a call. I’ll make sure all your questions are answered so you can sell your house for cash fast and safe.

How to Stop Foreclosure in Nevada

Foreclosure is a scary process for most homeowners. When you acquire a mortgage, there’s a constant threat of foreclosure looming over your head. Knowing how to stop foreclosure from happening before it becomes a problem is an important thing for homeowners to understand.

Whether the continual payments are too high or a homeowner finds himself experiencing financial hardship, having your home seized by the courts is a real possibility. But even after missing a few months of payments and receiving a Notice of Default, losing your home doesn’t have to be inevitable.

With a general knowledge of the foreclosure process and determination to keep your home, you can learn how to stop foreclosure in Nevada. We’ll show you how so that you can be prepared should you ever need to avoid a foreclosure.

how to stop foreclosure from happening

Communicate with Your Lender

Although homeowners have several strategies to choose from when deciding how to stop foreclosure process, some everyday advice can be implemented to slow the foreclosure’s acceleration. Before making major life-altering decisions, consider some of these general tips when contacting your lender.

One of the easiest ways how to stop foreclosure in Nevada is by communicating with the mortgage company. If a homeowner cannot meet the required monthly payments, changing the amount owed each month will ease a borrower’s financial burden.

Asking for a loan modification is one possible permanent solution. Loan modifications typically allow homeowners to make lower payments at higher interest rates or over an extended loan period.

If a borrower is on the cusp of foreclosure due to several missed payments, they can ask their lender about reinstatement. Also known as a temporary indulgence, a reinstatement allows homeowners to bring their loan current and proceed with their mortgage as before. However, a borrower must be able to afford to make the missed payments in addition to late fees and interest rates. Reinstatement might not be a viable option for homeowners with lasting financial issues.

Mortgage companies can also offer other plans to assist homeowners when asked. Repayment plans, for instance, allow borrowers to repay missed payments by making slightly increased monthly payments. These plans allow you to catch up while stopping foreclosure. All a homeowner needs to do is communicate with their lender and ask about current options to relieve loan debt. More times than not, a quick call to a sympathetic lender can be home-saving.

Seek Help

getting help on how to stop foreclosure

Seeking the help of third-parties is another way how to stop foreclosure in Nevada. Although homeowners have several options when stopping foreclosure, sometimes the process is too much for a single person. Enlisting the expertise of professionals will lessen your stress while providing a multitude of options for keeping your home.

One option available to borrowers is contacting a foreclosure avoidance counselor. The U.S. Department of Housing and Urban Development (HUD) offers free housing counseling services to give homeowners the information and assistance necessary to avoid foreclosure. They’re offered in every state and can be found conveniently on HUD’s website.

Homeowners can also seek out help from the new Home Affordable Modification Program. Enacted by President Obama, the Homeowner Affordability and Stability Plan (HASP) allows homeowners to refinance to reduce monthly payments while implementing a special Making Home Affordable loan modification that can be applied by lenders. “If your mortgage payment is more than 31 percent of your monthly income, for instance, the new program offers financial incentives to lenders to lower the monthly payments,” adds Fraser Sherman, prominent finance journalist.

Borrowers can also seek help from the courts. The expertise applied when hiring an attorney can be helpful when wanting to know how to stop foreclosure immediately. Not every foreclosure process warrants legal intervention; nonjudicial foreclosures skip the courts altogether. If a homeowner feels like their foreclosure is unjust due to lender errors, unfair terms, or failure to follow legal procedures, they may have a viable lawsuit. These substantive defenses are considered the best legal way to stop the foreclosure process.

The Bankruptcy Option

using bankruptcy to stop foreclosure

Many homeowners find themselves at risk for foreclosure after accruing a large amount of debt. They might think filing for bankruptcy is the simplest solution to escape their financial troubles. In some instances and with enormous debts, that can be true. However, if a homeowner isn’t keen on a lengthy litigation process and wants to halt the foreclosure process immediately, filing for bankruptcy might not be the best strategy for how to stop foreclosure in Nevada.

Once an individual files the petition for bankruptcy, federal law prohibits debt collectors from seizing assets to pay off what’s owed. Since foreclosure is considered a collection activity, mortgage lenders must halt the foreclosure process. Once in court though, the bankruptcy trustee’s role is to play mediator between the filer and creditors, not absolve debt. Going through the courts will buy borrowers time to make past mortgage payments, but it won’t stop the foreclosure process completely.

Filing for bankruptcy also has longer lasting consequences. Depending upon which chapter of bankruptcy you file under, the filing will remain on an individual’s credit report for up to ten years. During that period, it can prevent a homeowner from obtaining future lines of credit or borrowing from another lender. If a homeowner forecloses after filing, they’ll be unable to take out another loan and may be forced to live in an undesirable location until they can. Unless the consequences of bankruptcy are manageable to a homeowner, it’s not the best option when deciding how to stop home foreclosure proceedings.

Just be careful that you don’t end up paying attorneys the money you could have used to pay arrears and get out of foreclosure. Yikes!

How to Stop Foreclosure and Save Your Home

houses without foreclosure

Although homeowners have several methods available to saving their property from repossession, some options are better than others. Selling your property to a cash home buyer before the lender takes it to auction might be the best way how to stop foreclosure in Nevada.

Homeowners have the option to sell to a cash home buyer, even after a lender begins the foreclosure process. After defaulting but before the Notice of Sale, mortgage companies must consider selling if a borrower gets an offer from a buyer. Many lenders prefer this to other options because it saves them time, effort, and trouble when looking for home buyers at auction.

Selling to a cash house buyer is the best method to saving your home because it allows homeowners to keep whatever profit they make after paying back the lender. When homeowners sell, they gain standing in an otherwise powerless situation. Foreclosure is a scary threat on your credit that could possibly leave you homeless. By selling to a cash house buyer, homeowners gain the advantage of making their own decisions, acquiring money to use on their next property, and forego the foreclosure process completely. It’s the best option when needing to know how to stop foreclosure in Nevada.

Get a No-Obligation Cash Offer Within 24 Hours

See, learning how to stop foreclosure isn’t as bad as you thought. If you’d like to see how much you could get for your house from a buyer that can close it fast, give us a call at 702-608-5755. We buy houses in Las Vegas and can close within 2 days if absolutely necessary. We pay fair prices, but if our offer is not acceptable, you have absolutely no obligation to take it. It has to work for both parties and we only move forward if everyone is happy.

Give us a call and find out what we can pay you for your house!

Stopping Foreclosure in Las Vegas, NV

Stopping foreclosure can be a pain for most. If you’re not sure what to do when it comes to foreclosure, don’t worry – I got your back.

In this article, we will look at how to stop foreclosure in Las Vegas, NV. Most people aren’t aware that there are several ways to go about stopping foreclosure and sell your house before it goes to auction. Foreclosure prevention doesn’t have to be a difficult process.

First thing’s first.

Why does foreclosure happen?

stopping foreclosure in your city

There can be several different reasons why someone is unable to meet the financial requirements of their property and it is often involuntary and completely unpredictable, which can bring a lot of stress to the seller.

If you were unexpectedly fired or suffer a medical condition, if you face debt, going through a divorce or relocate to a new state and are in a tough financial situation, foreclosure is bound to happen on your property.

Although voluntary foreclosure doesn’t happen often, some house-owners do simply give up on their property if the value significantly drops – this often happens in small towns or even islands where the tourism is no longer working.

First steps you need to take in stopping foreclosure:

Take a look at the Department of Housing and Urban Development’s Foreclosure Avoidance Counseling list and select a counselor that will be able to assist you free of charge. If you are able to make payments, please do so. If not, talk to your lender and make a repayment plan.

Did you know there are several programs specifically aimed to avoid foreclosure and keep your home? Check out the Making Home Affordable program which offers lower monthly payments on your financial plan.

Ways of stopping foreclosure in Las Vegas

So how do you go about stopping foreclosure? Here are 5 different steps that will help you avoid foreclosure.

1. Stay calm.
Before you make any quick decisions, weigh out all your options. Start the research.
2. Contact your lender
Rather than avoiding the situation, contact your lender and come up with a financial plan on how you will be able to do the foreclosure rescue. If you’re aware before hand that your payments might be late, you need to let them know.
3. Workout options
We’re not talking about fitness – your lender can provide you with options that will workout your loan arrangement. From a modification, repayment options, reinstatement, to even claiming bankruptcy, you will be provided with certain options that may work in your favor.
4. Refinance!
You are able to modify your loan and start with low payments and gradually move on to higher to compensate the difference.
5. Sell your property.

stopping foreclosure by selling your house fast

Claiming bankruptcy

Bankruptcy is one of the most secret ways you can prevent foreclosure. It is often not mentioned in the most basic foreclosure prevention tactics. However, it is by far the best option if everything else fails.

How filing bankruptcy can help?

It delays the foreclosure process by several months, buying you enough time to come up with a financial plan.

Filing Chapter 13 or Chapter 7 bankruptcy enables the automatic stay order. Automatic stay order simply means that your creditors are unable to collect money from you instantly. This is the best way to legally postpone foreclosure as the bankruptcy goes through the pending process for 3 to 4 months.
Please note that this time might be shortened if your creditor takes things to court and is able to proceed the sale. Bankruptcy must also be considered before the notice of foreclosure is given, otherwise the creditor will be able to proceed with the sale.

Chapter 13 vs Chapter 7 bankruptcy

Chapter 7: To qualify for a chapter 7 bankruptcy, you must have very little financial income. Your credit card and medical bill debts will be erased.
Chapter 13: In the case of foreclosure, chapter 13 bankruptcy will usually apply. You will have a certain amount of income and will be able to create a repayment plan with your assets while still keeping your property.
Nolo offers an excellent insight into the Chapter 13 vs Chapter 7 bankruptcy, which includes a simple table to explain the differences.

buyout plan for stopping foreclosure

Other ways for stopping foreclosure in Las Vegas

Pre-foreclosure sale, aka short sale.
Pros: You will be able to sell you home and get a sum of money in return.
Con: The value of your property will be significantly lower and your credit score might suffer.

Deed in lieu
Pros: You sell your home to the bank where you took out your mortgage.
Cons: Lower value and the loss of your home.

Not happy with these options? Looking to sell your property? Why not sell to a cash home buyer?

Sell to a cash home buyer

Selling your home to a cash home buyer is becoming a popular way of stopping foreclosure. Not only are you able to sell your home fast – when you call, the offer is usually given within 24 hours and your home, if needed, can be sold in just 2 days.

Pros of selling to a cash home buyer:

  • Fast sale
  • You get cash in hand
  • No need to worry about repairs
  • Quick and efficient

Although it is known that cash home buyers are usually able to offer less money than the value of your home, you are going to save money on closing costs ($750+) as well as other expenses which include repairs.

When it comes time to get paid, you should get the option of getting a check or having the money wired into your bank account.

Even if you don’t sell to www.sellmyhousefast702.com, feel free to ask us any questions you may have regarding selling your house. Give us a call now at 702-608-5755.

Raiders Move To Las Vegas Will Help Cities Economy

Raiders Move To Las Vegas
Proposed Las Vegas Raiders Stadium

Raiders move to Las Vegas.

Who would’ve thought we’d be getting an NFL team and a NHL all in the span of a few years? Not me! There are sure to be hundreds of articles written, speculating about the impacts of the Raiders move to Las Vegas and having professional sports in the Las Vegas valley. Some impacts are more concrete than others, such as the effect it will have on tourism and the hospitality sector.

Raiders Move To Vegas Effect
Expected Visitor Increase Per Event Type

One area where it’s speculated to also have a major impact is the already tight Las Vegas Real Estate market. Already we are starting to see some hype around what the Raiders move to Las Vegas and the accompanying stadium construction / stadium itself will mean to local commerce and housing markets. Let’s take a look at some of the possibilities.

Housing Market

What happens when A low inventory housing market has an additional 150,000 to 200,000 person influx? Good things… if you are already a homeowner! The population increase paired with an existing low inventory will force prices higher as more people compete for fewer available homes.

An NFL team brings with it a very large support staff. From trainers, PR personal, cheerleaders  to office staff, each team employees upward of 1000 people. Stadiums also carry a large number of employees. The Dallas Cowboys new stadium, for example employs up to 4,00 people! Couple this with the NHL’s newest expansion team the Las Vegas Golden Knights, and you have a influx of permanent residence that’s in the range of 10,000 new residents, and that’s just direct employees of two professional sports teams or their respective stadiums.

New Construction

The number of new construction jobs is forecasted to be around 100,000 – 200,000 new jobs for the Raiders stadium alone. Many of these will be on a temporary basis, the construction timeline is around 2 years for the stadium. Again Professional teams have a very large infrastructure that comes with them, such as training facilities and office buildings for staff. It will not be just the stadium that needs to be built prior to the teams arrival. The Las Vegas Golden Knights have a home in the T-Mobile Arena already in place, but all the support facilities are yet to be started. With the start of construction on the Resorts World project also beginning, Vegas is looking at another boom similar to the growth spurts of the past decades.

What this means for homeowners

If you are currently a homeowner it’s already a great time to sell, as prices have been climbing for months. If you are a homeowner who is facing foreclosure or hardship of another kind, now is the time to sell as houses are moving quickly.

 

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Selling A House, Investor vs Realtor

Infographic: Selling A House To An Investor vs Realtor.

Selling your house to an Investor vs Realtor is a subject many are confused by. There’s a lot of misinformation out there, and many misconceptions about what an investor can offer, and how that compares to a traditional sale through a Realtor. Due to the actions of a few “investors”  prior to and during the housing correction in 2008 investors have gotten a bad rap. There are many upsides to selling your house to an investor, the Infographic below touches on a few to give you an idea of what they have to offer a seller.

Paying Cash For Las Vegas Houses
Selling A House. Investor vs Realtor

These are just a few of the advantages selling to an investor can offer. As with anything, you must do your own homework and research to insure you are dealing with an ethical and legit investor.

The biggest upside of selling to an investor will usually be the speed with which the sale can be closed. Someone who is in a situation such as: facing foreclosure, divorce, relocating for a job or inherited a house, may find a speedy close is their major priority. In these instances an investor can offer a much more expeditious process over a Realtor.

Whichever way you choose to go, just perform your due diligence and make sure you are dealing with someone reputable and sincere.

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Sell Your House For Cash, What Does It Really Mean?

Sell Your Home For Cash Las VegasYou may have heard the term “Sell your house for cash“, but what does it actually mean?

When someone says they will pay cash for your house, they won’t be showing up with a suitcase full of hundreds.

What an all cash offer means is the sale won’t be contingent on financing. The buyer will come to the closing with a check to cover the total cost of the transaction.

This allows investors to close a deal in a streamlined manner that cuts out the wait and mountains of paperwork associated with traditional mortgages.

The difference in the wait time and amount of paperwork between traditional sales and “cash” sales is very surprising the first time one experiences it. You will almost certainly hope to never have to use traditional financing ever again.

This is just one way selling your house to an investor can save you headaches and money out of your pocket. With the expedited process you can avoid holding costs that you would be subject to during a lengthy traditional sale.

Such as:

  • Mortgage Payments

  • Utility Costs

  • HOA Dues

  • Maintenance Issues

When looking at an offer from an Investor that seems low, all these items should be taken into account. If you examine an offer with the holding costs and the Realtor commision, you will notice the investors offer is typically in the ballpark of a traditional sale.

So if you’re looking to sell your house for cash,  the discounts created by the speedier process could save you time and money.

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The Nevada Foreclosure Process

Most homeowners need to borrow money from the bank before buying a property. It’s often a necessary but unwanted acquisition due to lenders’ perplexing contracts, extensive regulations, and steep interest rates. But what happens when you cannot meet those monthly mortgage payments? You’ll probably unwillingly experience the dreaded Nevada foreclosure process, and will be looking for help.

Homeowners dread the F-word, and for good reason. Foreclosures can leave you homeless while ruining your credit. Although lenders are required to inform you about the many consequences resulting from a defaulted loan, the Nevada foreclosure process can seem sudden and life-altering. But how do foreclosures work? With knowledge and a little effort, you can effectively meet your state and lender’s guidelines to avoid foreclosure completely.

How Does Foreclosure Work

the foreclosure process and what you need to know

Although state laws and lender regulations can differ, the steps of a foreclosure remain relatively similar. The foreclosure process timeline typically begins when a property owner cannot make principal or interest payments on their loan. If the loan borrower cannot assume payments or foregoes communication with the lender, steps will be taken to ultimately foreclose on the home. If a homeowner cannot pay their mortgage, the property being paid for with the loan will be seized and sold.

The foreclosure process timeline initiates when a homeowner misses their first monthly mortgage payment. You won’t be penalized immediately; most lenders allow at least a week to make the missed payment without charging late fees. If a borrower cannot meet the payments, late fees, and interest after three to six months, the mortgage company will order a Notice of Default (NOD). The NOD provides information on the total amount owed and how much time an owner has to pay and is delivered by either a trustee or sheriff.

All foreclosures also include a Notice of Sale (NOS). The NOS is another physical document that is given to homeowners and posted on a property, usually within three months of the NOD. It identifies the date and time of the foreclosure sale where the property is publicly auctioned off to the highest cash bidder. Once a borrower receives a NOS, little can be done to salvage their foreclosed property.

The Types of Foreclosure

foreclosing on a house

Even though the foreclosure process timeline is generally the same, there are different types of foreclosures allowed. Knowing their dissimilarities can help a homeowner resolve each with ease. According to the U.S. Department Housing and Urban Development, there are three different types of foreclosures: judicial, statutory, and strict. Their differences are minor but include court involvement, how notices are delivered, and the general outcome of the Nevada foreclosure process.

A foreclosure is designated judicial when the process involves the courts. All states allow a judicial foreclosure, so knowing its procedure is vital. After the three to six months of missed payments, the lender files a lis pendens – “lawsuit pending” – with an attorney. This type of foreclosure involves the judicial system to provide evidence of a default while getting the court’s approval to initiate a NOS. If the borrower doesn’t respond to the NOD within 30 days of the filed suit, the courts will sell the mortgaged property at auction.

The process is a tad different with a statutory foreclosure. A statutory foreclosure is also known as the power of sale due to a common clause found in many deeds of trust. The clause allows the trustee to skip the court’s approval and sell the mortgaged property themselves, enabling a cheaper foreclosure process. If the homeowner dismisses the NOD or cannot pay within the waiting period, the mortgage company sells a home at auction. These non-judicial foreclosure auctions are typically more expedient than the court’s.

A strict foreclosure contains the simplest foreclosure process timeline, but only a small amount of states allow it. The lender will file a lawsuit directly once the homeowner defaults. If the balance is continually unpaid, the court will give the mortgaged property back to the mortgage holder, effectively skipping a home auction. The seized home is now deemed Real Estate Owned (REO) and is independently sold by the lender. A strict foreclosure usually only occurs when the borrower’s debt amount is greater than the property value.

Foreclosure Consequences

foreclosed home

The Nevada foreclosure process is time-consuming, complicated, and costly. It also comes with great consequences to the homeowner that defaults on their property.

Although foreclosures wipe out some debt, some stick with the homeowner even after relinquishing the property. The original mortgage obtained at the home’s purchase and some debt from a second mortgage can be paid after the home is sold. However, property owners are still required to pay second mortgages back to the lender if they’re not paid off in full after a foreclosure sale. When homes depreciate or there’s a significant drop in the real estate market, the foreclosure will be sold for less than what is owed. A court could decide to enter a deficiency judgment against the homeowner. The judgment holds the owner accountable for paying the difference and allows the lender to seize any other assets the property owner may have.

Another major consequence deals with the borrower’s credit. Mortgage foreclosure is considered almost as damaging as filing for bankruptcy to most tax experts. A foreclosure, no matter the type, will remain on the credit report for seven years. This seriously limits a homeowner’s ability to borrow in the future and may have a significant impact on your credit score.

How to Stop a Foreclosure

using bankruptcy to avoid foreclosure can lead to problems

There are several stages within the Nevada foreclosure process in which to bring your loan current and halt the bank from seizing your home.

The easiest way to stop a foreclosure is to catch up on the missed mortgage payments. Sometimes there are extenuating circumstances keeping a homeowner from repaying. But if you can afford it, pay them off; you’ll avoid a foreclosure on your credit and be able to continue living at your current residence.

Another way to exit the foreclosure process is by getting a loan modification to lower payments. A borrower can achieve this by either requesting their loan to be paid over a longer period or at increased interest rates. Many lenders are willing to work with homeowners to make reasonable payment options.

Homeowners can also avoid foreclosures altogether. Lenders are willing to work with cooperative borrowers, so communicate. If a mortgage company sends a NOD, don’t ignore it! Responding to the notice and staying in contact with the lender will slow the foreclosure process.

You can also prevent foreclosures by knowing how much you owe each month and save accordingly. Although this is an obvious step, many homeowners will prioritize other expenses over paying their monthly mortgage. Create a budget and save the payment due date in your calendar. Responsible homeowners keep up with what they owe.

The threat of a foreclosure can be scary to a homeowner with an existing mortgage. But knowing how foreclosures work will help you avoid the consequences of a defaulted loan. By utilizing these preventative measures, you’ll be able to skip a financially debilitating foreclosure completely, and continue to live in your dream house!

An Option to Avoid the Foreclosure Process

doing your reasearch

If you are facing foreclosure and have run out of options, you might consider getting a cash offer from a home buyer. www.sellmyhousefast702.com pays cash for houses so that you can sell before and close before the foreclosure. This usually allows you to keep the foreclosure off your credit and keep some of your equity.

Give us a call at 702-608-5755 to learn more about how we can help you avoid foreclosure in Las Vegas.