THE MYERS TEAM
Nevada's #1 Short Sale Team
Do you want to short sale your Las Vegas home without worrying about your lender coming after you for a deficiency judgment?
Are you sick and tired of making payments on a home that may never be worth what you paid for it? Have you been turned down for one of those ridiculous loan modification programs?
If you're considering a short sale, then this web site will help explain your options and answer your questions about the short sale process.
You DO NOT need to be poor or broke to qualify for a short sale. Banks approve short sales when they believe a hardship situation exists, however, hardship is not solely determined by how much a person earns. A hardship exists when there is a decrease in income or an increase in expenses. A strong hardship exists when you have both. Additionally, you DO NOT have to pay anyone to do a short sale. A Realtor experienced with the short sale process is able to obtain a full waiver of deficiency from your lender.
How do you choose the right person to short sell your home? Should you hire the company with the most billboards around town, or the person with the most commercials on the radio or TV? Wouldn't it make more sense to choose the Real Estate team who has successfully closed the most short sale transactions in Las Vegas?
Since 2007, The Myers Team has successfully closed more short sale transactions and negotiated more short sale approvals than any non-lawyer affiliated Realtor or Broker in Nevada. * Our resources include a team of experienced short sale processors in addition to direct access to Nevada licensed attorneys. This allows us to stay up to date on the laws affecting short sales, and the rapidly changing guidelines and procedures of banks and their investors. Additionally, our preferred escrow and title partners have extensive expertise in processing and closing short sale transactions not only in Nevada, but nationwide. This allows us to leverage their relationships with the major banks to get our files processed in the fastest possible time frame and escalated when necessary.
Short Sale vs Foreclosure In Nevada
QUESTION: Isn't it Easier to Simply "Walk Away" and Allow the Home to Foreclose?
Walking away from your home and allowing it to foreclose is a decision which can haunt you for years. Once a home is foreclosed upon, (or sold at auction after a "Deed in Lieu") banks have up to six months to file a deficiency judgment lawsuit against you. The deficiency amount is the difference between what you owe on your loan (including all missed payments, late fees, and bank attorney fees) versus what the home sold for at auction. Banks may or may not come after you for the deficiency amount, however, it's not that simple. There are other factors to consider. For example, after the six month period following a foreclosure has expired, banks can continue to post late payments to your credit, damaging your credit score. Even after the statute of limitations for collection has expired, many banks will continue to post late payments in attempt to collect the debt. They will call you day and night, at home and work, harassing you to make a payment. Additionally, they will send you letter after letter offering to settle the account, even though you are no longer obligated to pay. If you choose not to settle, they can continue to post late payments on your credit for years. Foreclosure is the worst possible option because it is the most damaging thing you can do to your credit. It's like cutting off your hand because of a hangnail. There are better options, such as a short sale.
Does Bankruptcy Wipe Out Foreclosure? Not Necessarily
Attorneys will argue that after a Chapter 7 bankruptcy, you are no longer obligated to repay the mortgage debt. This may be true; however, it’s not quite that simple. Until the house is sold, your name will remain on title. As long as your name appears on title, banks may continue to post late payments on your credit report for years.
For a variety of reasons, lenders may hold off on completing a foreclosure. This is especially true after a bankruptcy. Some banks will let a house sit for years, hoping the home will appreciate, so they can receive a higher value at a future auction. There are other cases where banks cannot find the paperwork or verify the chain of title. Whatever the case may be, if your bank chooses not to foreclose, you may find yourself the holder of a “Zombie title.” After bankruptcy, a regular title can become a Zombie title when homeowners find themselves being mindlessly pursued by mortgage servicers, homeowners associations, local governments and debt collectors for bills related to a home they thought they no longer owned.
If this isn’t bad enough, it actually gets worse. You can be sued if someone gets injured on your property, even if you haven’t lived there for years. As the owner of record, there is an argument that says you are responsible for maintaining and securing the property, in a reasonable manner, to reduce the chances of someone getting hurt. For example, if your home has a pool, and you did not secure the gates or drain the pool, are you liable if a child enters your backyard and gets hurt, or worse? Are you liable if someone slips and falls on your driveway, or trips while walking to the front door? If squatters obtain access to your home and burn it down, are you liable? These are situations that your bankruptcy attorney may have failed to discuss with you. The good news is you can still do a short sale after bankruptcy.
A short sale is the much better option. There are essentially three reasons to do a short sale. The first is to obtain a deficiency waiver. This is a written agreement from your bank NOT to come after you (sue) for the deficiency amount. The second reason to do a short sale is to minimize damage to your credit. Once the short sale is finalized, banks report to the three credit agencies that your account has been "settled or negotiated." This stops the late payments from being reported by your bank. When you do a short sale, your credit may take a temporary hit; however, you can begin rebuilding your credit as soon as the short sale is finalized. This is much better than a foreclosure or Deed in Lieu, where the bank can continue to post late payments to your credit for years and years. The third and final reason why a short sale is the best option is once a short sale is completed, your name will no longer appear on title, and you will no longer face the dangers and costs associated with Zombie title.
Get Paid Up To $10,000 To Short Sale Your Home?
Effective February 1, 2015, homeowners who qualify for a HAFA short sale may receive up to $10,000 in relocation assistance. The first sentence of section 12.1 Chapter IV of the Making Home Affordable Program (MHA) handbook has been amended as follows: “Upon the successful closing of a short sale, a borrower, tenant or other non-borrower occupant who occupies the property as a principal residence and is required to vacate as a condition of the HAFA short sale shall be eligible to receive relocation assistance of $10,000 per HAFA transaction (regardless of the number of occupants who will vacate), subject to the requirements in Section 6.2.5."
This Supplemental Directive (14-04) increases the amount of relocation assistance to $10,000 for HAFA short sales that close on or after February 1, 2015. HAFA short sales that closed prior to February 1, 2015 were only eligible to receive $3000. There has never been a better time to do a short sale. If you are interested in applying for a HAFA short sale, please contact The Myers Team. Additionally, for specifics regarding HAFA program or Making Home Affordable Program Guidelines, please refer to the following link: Making Home Affordable Update
Mortgage Forgiveness Act of 2015?
In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act to help people who were down on their luck financially because of the loss of their homes. The tax break was supposed to end in 2009, however, it was extended through Dec. 31, 2013 because many people still needed help. As of today, Congress has allowed the Mortgage Forgiveness Act to expire, even though some states hardest hit by the housing crisis (such as Nevada) are still seeing high foreclosure rates
Many people have argued that the Mortgage Relief Act should be extended once again, however, it is unclear if this will be happening anytime soon. The big question we are being asked is, "Will I have to pay taxes on the forgiven amount?"
While we are not CPA's nor qualified to provide tax advice, the fact remains that we have worked with hundreds and hundreds of homeowners who have successfully completed short sale transactions. Many past clients have informed us that they were able to get around owing taxes on their forgiven debt by qualifying for what’s called the "insolvency exclusion." You may not have to include forgiven debts as income if you can show that your total liabilities exceed your total assets.
Most banks will only approve a short sale once they have determined that a "hardship situation" exists. Many of these hardship scenarios may also qualify for insolvency. Once again, the above is not intended as tax advice, however, there are provisions in the IRS tax code which may provide the same protections as were allowed under the Mortgage Forgiveness Debt Relief Act. There is still hope.
Las Vegas Top Short Sale Agents
*Above production is based on results from January 1, 2007 through December 31, 2012 (short sale listing ends only from non-lawyer affiliated Realtors and Brokers.) The information provided is obtained from public records, it is deemed reliable but not guaranteed.
Should I Short Sale My Home?
Surrendering a home worth half of what you owe is NOT a failure, it's a business decision. Facing the truth is sometimes the most difficult thing a person can do. A short sale is NOT the end. It's an opportunity for you and your family to TAKE CONTROL and WALK AWAY FREE AND CLEAR . When you do nothing, you feel overwhelmed and powerless, however, when you do a short sale, you feel the sense of hope and accomplishment that comes from knowing you are working to GET YOUR LIFE BACK ON TRACK.
Nobody wants to lose their home, however, there is no need for you and your family to go down with a sinking ship. Know when to say enough is enough. Sometimes you have to take a few steps backwards to move forward correctly. Your mortgage obligation doesn't need to be a prison sentence. Additionally, a short sale will MINIMIZE DAMAGE TO YOUR CREDIT . If you are not sure what a short sale is, then click the following link to watch a brief CBS News short sale video which explains the benefits of a short sale.
Many have attempted to save their home through loan modification. however, homeowners have come to realize that LOAN MODIFICATION PROGRAMS JUST DON'T WORK. In 2011, the Federal Trade Commission banned loan modification companies from charging up-front fees for negotiating modifications of residential loans. The loan modification industry has been extremely misleading for homeowners. Government assistance programs such as HARP, HAMP, HOPE NOW. and the Making Homes Affordable Program have been complete failures due to the fact that bank participation is voluntary. According to the Las Vegas Review Journal. "Most homeowners in Las Vegas are so far upside down on their homes, (owing significantly more than their home is worth) that they don't qualify for the government's $75 billion Home Affordable Mortgage Plan." Nevada is currently ranked #1 in foreclosures and has the highest unemployment in the nation. Most experts predict that it will take a very long time for the Las Vegas economy to rebound.
THERE IS NO GOVERNMENT PROGRAM THAT FORCES LENDERS TO MODIFY YOUR LOAN. According to the Attorney Generals office, spending money on a mortgage modification is "worse than some of the odds at the casino tables." Simply put: Banks are not motivated to modify your loan. It's a sad fact that it remains more profitable for Banks to foreclose, and throw a family out on the street than approve a loan modification. Banks do NOT care about your financial dilemma. they only care about bottom line profits and their stock value. Since Banks are looking out for their own financial best interest, shouldn't you do the same?
In this challenging Real Estate market, you don't need a salesman. you need an advocate. Let the experience of The Myers Team go to work for you. Whatever your reasons are for selling, our experience with short sales, and our track record for getting them approved will ensure that your home gets sold. LET US TAKE AWAY YOUR STRESS and GET BETWEEN YOU AND YOUR BANK . Please be advised that Banks are NOT your friends. Bank are debt collectors and do not represent you. Anything you say to a Bank is being tape recorded and any document you send a Bank may be used against you to collect the debt. If your home is currently in default, or if you are about to fall behind on your mortgage payment, contact us right away. YOU HAVE OPTIONS. If your home has become the single greatest source of stress in your life, then a short sale may be the best option for you and your family.
Nevada's #1 Short Sale Team