nevada foreclosures for sale
Foreclosure? – How to get out of this situation.?
I used to live in the US and I put a house for sale. I am no longer there (3 months) and the house is not selling (I lowered the price twice already). I dont want to make another payment anymore because I am just gonna be losing money (If the house would sell righ now I would pocket about $1k, but it doesnt look like it will). Can I just call the bank, sign a paper they send and dont worry about it anymore? I put 20% down ($10k cash) so they are gonn benefit big time. It is in Nevada. Thank you.
Properties in Nevada took a hit more severely than other parts of the United States. Even if you put 20% down on the property, there has been depreciation of the property, therefore it is not worth what you then paid for it.
There is simply not one document that you could sign that would relieve you of the mortgage responsibility. You would have to request several packets from your lender to rid yourself of the property.
I have listed a few legal methods and the documents required to request of the lender to relieve you of the property.
#1. Short Sale (The most common method used currently in the United States to rid oneself of a property)
A short sale in real estate is when a current owner of a house, with the assistance of a real estate agent, submit a document to the lender requesting that the house offered as collateral on a mortgage loan be sold for less than the mortgage loan amount.
Normally the property would have to be listed with a real estate agent for a certain period of time.
The real estate agent would request the short sale package from the lender.
This is a request and may or may not be approved by the lender. Each lender has it’s own criteria and time line for approving or disapproving a short sale.
#2. Foreclosure
Allow the foreclosure procedure to take it’s course according to the laws of the state, in which the property is located. You simply stop making the monthly mortgage payments on your mortgage loan
#3. Deed In Lieu of foreclosure (Another method of getting rid of your property)
A deed-in-lieu of foreclosure means that you have decided to relinquish any claim to the property and have decided that instead of going through a complete foreclosure you would relinquish the property to the lender and move.
Once approved you are no longer required to make any monthly mortgage payment.
Once the deed-in-lieu of foreclosure has been approved by the lender you lose any right to the property. There is no right of redemption once your deed-in-lieu of foreclosure has been approved.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
