 Q. Do you owe more than your house is worth?
Q. Are your mortgage payments too high?
Q. Is your monthly payment about to adjust?
Q. Have you been turned down for a Loan Modification?
Q. Are you experiencing financial hardship?
Q. Are you stressed and not sure what to do?
Q. Do you want to avoid foreclosure and get a "Fresh Start?"
Q. Are the banks calling and harassing you at work and home?
If any of the above scenarios apply to you, then it's time to consider a short sale.
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Home ownership has always been the "American Dream." For most families, a home represents their largest financial asset, however, in Las Vegas, most homes are "upside down" in value. Most families owe substantially more than their house is worth. How did this happen? Millions of homeowners were deceptively lured into adjustable rate mortgages, without the risks of these loans being properly explained by the banks. As a result, mortgage payments continue to increase, while home values continue to drop. Click here
In this troubled economy, hardworking homeowners are stressed about losing their jobs, getting laid off, or having their hours reduced. To add to the misery, homeowners are witnessing homes in their neighborhood selling for "HALF" of what they were worth several years ago. According to industry experts, it could take 5-10 years (or more) for the Las Vegas Real Estate Market to rebound. Most people bought their homes in the pursuit of the "American Dream," however, why should you continue to pay a mortgage which is double what your home is currently worth? Why should home buyers be allowed to purchase homes on your street and pay half what you paid? This is NOT the American Dream! If your home has become the single greatest source of stress in your life, then it's time to consider a short sale.
Click here to see a report from The Las Vegas Review Journal which states that "The Las Vegas Foreclosure Crisis is Worsening."
Las Vegas Depreciation Map by Zip Code
The Loan Modification and Mediation Myth
While the media continues to promise HELP for struggling homeowners, the fact remains that banks are NOT modifying loans to current market value. Click here to see why banks are not modifying mortgages.
Banks may agree to temporarily modify your monthly payment and interest rate, however, banks will NOT reduce your overall loan payoff.
If a bank agrees to reduce your monthly mortgage payment, it is typically modified for a 2-5 year term. At the end of the 2-5 year term, you will end up owing the bank more than when you started. This is because the difference between your "new payment" and your "old payment" is added to the total payoff of your loan...plus interest. Why trade in one bad loan for another? Why modify a loan, only to end up owing even more debt on your home? Even if your bank agrees to modify your payment for 2-5 years, the fact remains that you will continue to be paying for a home that is depreciating, and worth half of what you paid. Loan modification doesn't solve the problem. It simply postpones the foreclosure process.
A short sale (also called a "Short Payoff "or "SPO") allows a homeowner to sell their home at current market value. While nobody wants to sell their home, the fact remains that millions of Americans have discovered that loan modification programs are a complete waste of time. Unless an attorney guarantees you in writing that your loan will be modified to current market value (and promises in writing to refund your money if he/she is unable to perform) then you are wasting your time...and money. After a successful short sale, home owners may be eligible to purchase a new home in as little as one year, or less.* Wouldn't it be nice to sell your current home, and be done with your ridiculous mortgage payment forever? Wouldn't it be nice to be able to purchase a new home (at current market prices) in a year or less? In order for this to happen, the bank must agree to a "short payoff." Banks typically allow this option when they come to the realization that the short sale will be less expensive than a foreclosure. Make no mistake, banks do NOT approve short sales as a "courtesy to the homeowner." The only reason that a bank approves a short sale, is to minimize their own loss. Foreclosure is an expensive process for both banks and their investors.
What Is Mediation?
When homeowners get behind on their mortgage payment, many "so called" experts recommend that the homeowner should speak with their bank(s) through the "mediation process" to find the best solution. Please be advised that this may be the WORST thing you can do. BANKS ARE DEBT COLLECTORS. Banks do NOT represent you or your family in any capacity. At a mediation meeting, the bank will show up with their corporate Attorney. The Attorney (whose sole purpose is to represent the bank's best interests) will be quick to remind you that you signed a contract with the bank, and will explain that they have the legal right to sue you for a "deficiency judgement lawsuit" should the home foreclose. Additionally, the bank's Attorney may attempt to threaten you with wage garnishment and additional judgements or liens against you. The mediation process is NOT fun and very stressful. The banks' main objective with the mediation process is to see if they can intimidate you into resuming making your mortgage payments. The bank does NOT represent you, and they are NOT obligated to explain your real options. The Myers Team does not represent the bank. We are your advocate, and WORK HARD FOR YOU.
THE MYERS TEAM
Nevada's #1 Short Sale Team
LET OUR EXPERIENCE PUT YOU BACK IN CONTROL
SHORT SALE RULE #1: Banks do not care about you or your family. They only care about what is best for their own bottom line.
It is critical that you understand your options, and speak with someone who represents YOU and your best interests. The bank does NOT represent you. They are NOT obligated to explain your options. They are only interested in what is best for their stockholders. Anything you say to the bank over the phone is being recorded to use against you. The Myers Team does NOT represent the bank. We represent YOU and ONLY you. We are experts in negotiating with banks, to find the best solution for you and your family.
SHORT SALE RULE #2: As long as you "continue" to make the monthly mortgage payment, then banks are not motivated to approve your short sale. If you have the means to pay your mortgage, then the bank will not take your "hardship" seriously.
So why do a short sale? It's simple. The difference between a short sale and a foreclosure is substantial. At the conclusion of a well executed short sale, you will be allowed to walk away from the home, without owing the difference between the original loan amount and the current market value of the home. Additionally, banks typically report to all three credit reporting agencies that your account has been "legally settled short of full payment." A short sale shows responsibility on your credit because you made a choice to cooperate with the lender, versus abandoning the property and allowing the home to foreclose. After the completion of a successful short sale, you may be able to purchase another home in as little as one year, compared to a foreclosure or a bankruptcy which can have a negative impact on your credit for 7-10 years.
Isn't it Easier to Simply "Walk Away" and Allow the Home to Foreclose?
 Sure, however, this is a gamble which could haunt you for years. In Nevada, banks have "Deficiency Rights" associated with foreclosure and "Deed in Lieu of Foreclosure." This means that if a property is foreclosed upon by the bank, then the bank retains the right to legally sue you for the difference. Banks have up to six years to file a deficiency judgement lawsuit against you, once your home has foreclosed, or is sold at auction after a "Deed in Lieu of Foreclosure." Banks may or may not sue, however, if you simply "walk away" then you give the bank the legal power to come after you, should they choose to do so.
A short sale is a VERY different situation. Most banks agree to release their deficiency rights after the completion of a short sale. Additionally, a short sale minimizes the damage to your credit score. A foreclosure is devastating to your credit score. After a foreclosure, banks continue to post "late payments" on your credit, even months after the home has foreclosed. This can reduce your FICO up to 400 points. With a short sale, the banks typically report that the account has been "settled short of full payment." This minimizes the damage to your credit, and allows you the opportunity to purchase a home again in as little as one year.
Should I Consult an Attorney?
Homeowners are always welcome to consult with an attorney to advise them of their options, however, be careful. If you follow the advice of the attorney and end up getting sued by the bank, then you will need to hire an attorney for a very expensive lawsuit. While there are many respectable and ethical attorneys out there, you must educate yourself and not place your unconditional faith in someone who stands to make a handsome profit should you get sued. Additionally, if you speak with a "Bankruptcy Attorney," they are undisputed experts at helping you go Bankrupt, however, they also make their living by convincing you to "File Bankruptcy." Bankruptcy is always an option, however, NOT always necessary.
How Much Does a Short Sale Cost?
How much money do you have to pay by choosing to do a short sale? ZERO. Banks pay all of the closing costs, Broker Fees, Realtor fees. You will not be required to pay for appraisal fees, nor inspection fees, or repairs. The only thing which you are required to pay for is the moving truck. We can even attempt to sell your home to an investor, who will be more than happy to keep you living in your home, as a tenant. Can you imagine the possibility of staying in your home, not needing to move, keeping your children in the same schools, and paying monthly rent which could be less than half of what your mortgage payment used to be? This is not a guarantee...but a possibility. Beware of Realtors who try and "charge you upfront" for short sale service. Do they guarantee that your money will be refunded if the bank denys your short sale? Probably not. When you use The Myers Team, to represent you, we do not charge you a dime. We ONLY get paid if the short sale is approved, and we get paid by the bank...NOT YOU. This is a guarantee.
Las Vegas Short Sale Specialists
SHORT SALE RULE #3: Using an inexperienced Realtor to negotiate a short sale can be disastrous.
There are over a million real estate agents walking the planet and if you ask 10 of them what is a short sale and how do you successfully execute one you’d probably get 10 different answers. Then if you ask another question, that being, how many of them have actually successfully completed one you’d be very surprised. The Myers Team have been doing Short Sales for a long time...even BEFORE the current real estate foreclosure crisis.
You may have friends or family who are Realtors, and you may feel a sense of loyalty to use them, however, do they have the experience to represent you properly? The Myers Team with Century 21 MoneyWorld are short sale specialists. They have closed more short sale listings than any Realtor in Las Vegas. * A short sale is NOT part of the Realtor "basic training" and most Brokers lack the experience and skill required to execute one properly. Short Sales aren’t tough at all…if you know what you’re doing. We have a very specific system that we have implemented and have been using with great success.
Banks take advantage of Realtors who are inexperienced and unfamiliar with the short sale negotiation process. Using an agent inexperienced with short sales could end up costing you tens of thousands of dollars, wage garnishment, or even a lawsuit by the bank called a "Deficiency Judgement." When interviewing Realtors, don't be fooled by agents who claim to be "Short Sale Experts" or "Short Sale Specialists." The proof is in the results. You should be able to verify how many short sale listings a Realtor has actually closed. With short sales, experience counts!
When you're ready to sell, it's important to have an experienced Real Estate professional handle the details involved in the successful short sale of your home. As experienced professionals who have helped many Las Vegas residents avoid foreclosure, we know how to handle every aspect of the sales process - from strategically marketing and showcasing your home to making sure everything's signed, sealed and delivered by the closing date.
Why Short Sales Work
When homeowners can no longer make their mortgage payments, lenders don't want to foreclose. Short sales benefit both homeowners and lenders, and can be the ultimate "Win-Win" solution.
Short Sales Benefit Homeowners
Serious financial problems are typically due to unpredictable, uncontrollable events (i.e. divorce, death, job loss, reduced work hours, etc.). Adding the trauma of foreclosure to an already stressful life situation can create an enormous burden for the homeowner. The foreclosure process is long and painful. It is embarrassing and demoralizing. It can destroy credit for seven to ten years. It can even result in a lawsuit. Foreclosure offers a bleak picture of the future for the homeowner.
Although the end result of a short sale is similar to foreclosure (the borrower is going to lose their home) the short sale process is a great deal less traumatic than the foreclosure process.
Short sales offer the homeowner greater control and the ability to maintain dignity and privacy while getting out from under the weight of debt. Borrowers who go through a short sale can also begin planning optimistically for the future because the damage to a borrower's credit will be minimized.
These types of losses are also viewed more favorably by lenders and business associates in the future because the borrower worked out an agreement with the lender and did not simply "walk away" from his or her creditor.
Short Sales Benefit Lenders
The foreclosure process costs lenders an average of 20-30 percent more than a short sale. In a short sale, the lender recognizes that a loss on the loan is likely and is motivated to decrease those losses as much as possible. (a.k.a. Loss Mitigation) Because the management and sale of the property remains in the hands of the borrower, a short sale decreases the time a lender must spend "managing" a problematic loan in their portfolio. It also eliminates all costs associated with the legal foreclosure process, maintenance, refurbishment, marketing, and re-selling the property after the foreclosure. Short sales are usually finalized at a faster rate than foreclosure so underperforming loans can be removed from the lender's books with greater expediency.
The lender is looked upon more favorably by the public when it is perceived as having worked with the borrower to prevent a foreclosure rather than having forced a resident out of the home.
Additionally, when a lender agrees to cooperate with a borrower in distress, the borrower is less likely to "harm" the home. Recent news stories have shown homeowners who have literally "destroyed" their own homes due to frustration with the banks unwillingness to cooperate with homeowners attempting short sales. When a home is foreclosed upon, it is rarely sold at auction. Typically, after a home forecloses, the bank must take possession of the property and then try to sell the home as "Bank Owned." These properties are commonly referred to as "REO" (Real Estate Owned) properties. Once a bank takes possession of the home, they must incur a variety of expenses to make the home "sellable" (i.e. paint, carpet, landscape, etc.) When disgruntled homeowners vandalize homes, this can get quite expensive for banks and their investors.
Short Sales Benefit the Community
In most short sale situations, the homeowner continues to live in the home until it is sold. This not only decreases the number of vacant homes in a neighborhood, but the property also continues to receive regular maintenance, such as lawn care. The local homeowner associations (HOA's) also benefit as the homeowner continues to pay taxes and HOA dues during occupancy. By reducing the number of vacancies in a neighborhood, this reduces crime and the temptation for robbery. When homeowners have pools, and are able to remain in their homes, the pools are typically maintained until the short sale records. This also benefits the community because abandoned pools pose environmental threats as well as serious dangers for small children. When banks cooperate with short sales, everyone benefits. When banks foreclose, the entire community suffers.
Viewed from a wider perspective, short sales lower the number of foreclosures, which may help lessen the downturn of the housing market and improve the U.S. economy. Additionally, borrowers who are foreclosed upon are unable to obtain credit for many years following a foreclosure, which decreases their buying power and ability to put money back into the economy. Because a short sale has a less dramatic impact on a borrower's credit, he or she will be able to continue as a consumer, helping the economy out of the recession.
Where Do I Live After The Short Sale?
The rental market is currently a "tenants market." There are more rental homes available than ever, with landlords willing to cooperate with tenants who have sold their home through a short sale. Remember, people who "just walked away" from their home and allowed it to foreclose might do the same thing with a lease. They pose a much greater risk for a landlord. Short Sale sellers show responsibility. WARNING: Do not sign any lease until you determine whether or not the home you wish to rent is either: A) For Sale, or B) In Foreclosure.
We understand that this may be a very stressful time for you and for your family. Our job is to get between you and the bank, and put you back in control. We are very concerned about your family, your pride and your well being. We will list your home with NO yard sign, NO flyers and with complete confidentially. Your neighbors don't need to know. Additionally, our services are 100% free to homeowners.
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