Tag Archives: attorney
Opportunities & Benefits For The Homeowner With A Las Vegas Short Sale Attorney
Facing a foreclosure can be a difficult situation for any homeowner. Those who are behind in their loan payments may not have a good credit established that will allow them to refinance their mortgage, or get a modification of their loan agreement. Selling the property is a method to avoid foreclosure, but it will still mean a loss of the home. And this might not even be realistic if a homeowner owes more on a property than what it might be worth. The answer of getting out of these problems might just be found in the alternative opportunity of a short sale.
Opportunities With A Short Sale
For the homeowner in a critical situation involving foreclosure, a short sale might be their best opportunity to avoid foreclosure entirely. And with a Las Vegas Short Sale attorney, the process can be entirely simple. A short sale happens when a lender agrees upon accepting a lesser amount than the actual balance of the mortgage, which is done to sell the house to a new buyer. The opportunity of a short sale is a method out of foreclosure for the homeowner with many included benefits.
Top Benefits of A Short Sale
Going through a short sale successfully requires a negotiation that goes well with the lender. This might be difficult for any homeowner, but can be overcome with Las Vegas Short Sale attorney services. When an attorney is enlisted, there is an increased chance of success and a quicker process for the homeowner in getting the short sale. Here are the main benefits a short sale can offer a homeowner.
Many homeowners going the route of a short sale dont have to actually put money on the table in order to sell their home during the short sale.
Lenders may choose to waive your right to deficiency judgments, which is a bonus for the homeowner, meaning they cant be pursued for short falls in the future. With Las Vegas short sale attorney help, this is an option thats easy to acquire.
Credit score damages can be avoided. A foreclosure can heavily damage anyones credit score. But with a short sale, all damages to your credit score are reduced to a mere percentage of what the foreclosure would have caused.
Homeowners who go through a short sale are eligible to buy a new property just 18 months after the process of their short sale; as opposed to a foreclosure, which can prevent homeowners from buying a new house for three years, at the least.
If youre a homeowner in serious financial crisis, your answer to getting out of foreclosure can be found in a short sale. Without this option, your only choices are foreclosure or coming up somehow with the amount of money to clear the property. The damage a short sale might inflict on credit scores and property buying eligibility is a fraction of what a foreclosure can cause. The benefits to a short sale are certainly enough to make it a perfect choice for any homeowner in financial trouble.
Feldman Law Center – Ten Tips for a Successful Home Loan Modification (Page 1 of 2)
Feldman Law Center – News by Feldman Law Center – A home loan modification, for many homeowners, is the only option standing between them being able to stay in their homes and being forced to move after a foreclosure, a short sale, or a “cash for keys” negotiation. If events are unfolding rapidly, the modification is one shot deal that must be done correctly and as quickly as possible. The following tips will give you the best chance at getting your home loan modification completed with terms that you can sustain for the long term. They are:
1) Be realistic – If youre behind on your payments without relief in sight, magical thinking isnt going to get it done. Its time to figure out who is going represent you in your modification.
2) Hire a professional Getting a loan modification executed, with terms that address your specific needs is not childs play. This is the roof over your familys collective head. Hire an experienced attorney to make sure the modification happens and that the terms are within your budget and sustainable for the long term.
3) Pull your paperwork together – Youre going to turn in about as much documentation as you did for the original loan. Have it copied and ready to go. Keep an extra copy just in case the lender needs a re-submittal.
4) Bring statements for all your credit card and consumer debt to your initial consultation Your attorney is going to need to know the total of your monthly expenses to be able to negotiate the right loan modification for you. Additionally, there may be an opportunity to set up a debt negotiation to run concurrently with your loan modification. The debt negotiation can save you more money and increase the odds of getting your modification approved.
5) Be honest with your attorney – Whether you were stating assets and income or something else, come clean with your representation. If you got creative with your tax returns during the application process, the new 4506-T form could work against you by permitting your lender to verify that the tax returns used to apply the first time are the same as the ones you turned in to the IRS. Let your attorney know about the situation so that he can prepare for it.
6) Be honest with your lender Trying to put one over on your lender isnt likely to work. Remember, they still have all of your original documentation, so forgetting about bank accounts or enhancing your “resume” will be caught and definitely frowned upon.
7) Write a compelling hardship letter – This will be the basis of your loan modification. Its basically a chronology of how events unfolded to put you in need of a loan modification and how youre going work your way out of it. 8) Be patient Loan processors have more than they know what to do with at present. Working with a law firm will expedite the process but the workload on the lenders side is so heavy that process will take time.
9) Respond to requests for additional information quickly You may be asked for updated versions of statements and paystubs as the modification process moves forward. Responding quickly will keep your file moving and on the top of a processors stack of applications.