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.
Mortgage Forgiveness Act Extended Until 2017
The Mortgage Forgiveness Act has been extended by Congress until 2017. This applies not only to short sales that took place in 2015, but also extends the short sale tax break to cover any short sales that take place in 2016 as well.
The 114th Congress amended the Internal Revenue Code (Bill H.R. 1002) to extend the "exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence." While debt forgiveness is traditionally considered taxable income by the IRS, the Mortgage Forgiveness Act allows homeowners doing short sales the ability NOT to pay taxes on the amount of debt forgiven by their bank(s) for their primary residence.
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 originally supposed to end in 2009, however, it has been extended multiple times because many people still need help.
Get Paid Up To $10,000 To Short Sale Your Home
There has never been a better time 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. This is not a gimmick. HAFA is a Government Assistance Program that we have been able to successfully negotiate for hundreds of our clients over the years.
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.
Please note that NOT everyone will qualify for the $10,000 in relocation assistance. Using an agent inexperienced with the details of the HAFA program could reduce your chances of receiving the relocation funds. The Myers Team has been very successful obtaining these funds for our clients. In order to qualify, you MUST work with an agent who knows the rules and guidelines of this program. We will guide you through the process and explain the fine print to increase your chances of obtaining the maximum amount of relocation money. 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
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
When the Las Vegas housing market crashed, many homeowners filed for bankruptcy, thinking it would be a better option than doing a short sale, or “walking away.” Today, many of these people are finding out they are still legal owners of the property. Additionally, many are discovering that their bank(s) are continuing to post late payments on their credit report, month after month, long after the bankruptcy has been finalized. How is this possible?
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. You cannot begin rebuilding your credit until the house is sold and the deed is transferred.
There are basically two ways to remove your name from the deed (title). One is through the short sale process, and the other is through foreclosure. Foreclosure is the worst possible option, due to the fact it can take banks up to five years (or longer) to begin the foreclosure process after a bankruptcy. Once you file for bankruptcy, your attorney will place what is referred to as an “automatic stay” on your property. This is a process which legally forbids bank(s) and other creditors from pursuing you until the bankruptcy process has been approved or rejected by the court. Banks cannot proceed with the foreclosure process until the bankruptcy is complete and the “automatic stay” has been released by the court.
After the bankruptcy is finalized, banks are in no hurry, and under no obligation to initiate the foreclosure process on your home. Some banks will let a house sit empty 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.” 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. This doesn’t just happen to people who file for bankruptcy. This can happen to anyone who “walks away” from their home, with the intent of letting it foreclose. Not only can this destroy your credit, it may cause additional nightmares as well.
For example, in a Zombie title scenario, you may actually 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 a legal 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 a squatter obtains access to your home and gets injured while inside your property? What if they slip in the shower or fall down the stairs? Can they sue you? 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 usually 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.
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
Do I Need A Lawyer For My Short Sale?
Should I Consult a Nevada Real Estate Attorney?
Not long ago, billboards began popping up all over the Vegas Valley from lawyers offering short sale services. In fact, many of us have friends or family who hired an attorney to do their short sale; however, after spending thousands of dollars, didn’t get the results they were looking for. Today, many homeowners have come to realize you DO NOT need an attorney to do a short sale. Most of the billboards have vanished; however, The Myers Team is bigger than ever. We closed hundreds of short sales long before the billboards arrived, and today we are still going strong.
You do NOT need to pay anyone to do a short sale. A Real Estate Agent experienced with the short sale process can obtain a full waiver of deficiency from your lender. Why would you pay a Nevada attorney thousands of dollars to handle your short sale when you can get your deficiency waived for free?
Before you hand over your hard earned dollars to a Nevada Short Sale Attorney, consider the following; will the attorney guarantee their services and pay you a full refund if they fail to get your short sale approved or your deficiency waived? If you meet with an attorney who won’t agree to refund your money, GET UP AND LEAVE! 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 from your bad situation.
When you hire an experienced Realtor to do your short sale, there should be NO upfront fees. An experienced Realtor can obtain a full waiver of deficiency without charging you a dime. There is no attorney or Realtor who can guarantee the bank will waive the full deficiency amount, since each borrower’s financial situation is different; however, there has never been a better time to do a short sale. Many banks are now waiving their right to pursue deficiency, and some banks are even offering “cash back” to homeowners as an incentive to short sell.
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. Going bankrupt instead of trying a short sale is like cutting your hand off because of a hangnail. Bankruptcy is always an option, however, NOT always necessary.
The Myers Team are NOT attorneys nor qualified to offer legal advice, however, we are the most experienced short sale agents in the city. Our service is 100% guaranteed, meaning if the bank rejects the short sale for any reason, you do not pay us a dime. Our loyalty is to our clients. Why pay for an expensive attorney when you can be backed by the experience, knowledge and negotiating power of the Myers Team with no out of pocket expense.
Short Sale And Stay In Your Home
Can I Short Sale and Buy It Back?
On October 1, 2013, Nevada’s Homeowner Bill of Rights came into effect, making it legal for homeowners to sell their properties and rent back from the Buyer. The Myers Team has partnered with a variety of investors who will buy your home and allow you the possibility to lease it back and even repurchase it for fair market value at a later date. This allows families the opportunity to rebuild their lives without having to move, change schools, etc.
Prior to the passage of the Nevada Homeowner Bill of Rights, most lenders would not allow Sellers to rent back their homes after a short sale; however, this is no longer the case. If you would like to learn more about this program, please contact us today. The Myers Team does not charge homeowners for our short sale services.
Myers Team Short Sale Services Are Free
You Should NOT Have To Pay Broker Transaction Fees in a Short Sale
You DO NOT have to pay anyone to do a short sale. In a short sale transaction, the Sellers lender pays the Broker fee (Real Estate Commission) since the Seller is experiencing financial hardship, however, there are many well-known Brokers out there charging EXTRA fees to homeowners to maximize their profits despite your bad situation. These extra fees are typically called "transaction fees" (sometimes referred to as a document fees, storage fees, compliance fees, etc.) and usually range between $300 to $700 and more. While these fees are legal, the fact remains that this type of fee is NOT normally paid for by your lender and comes out of YOUR pocket. Most homeowners needing to short sale their home are experiencing hardship and the LAST thing they need to do is pay extra fees.
The Myers Team will NOT charge you junk fees to short sale your home. The only thing you pay for is the moving truck. When interviewing Realtors to short sale your home, ask them how much their Broker charges for transaction fees and have them explain what the fees are for. Homeowners facing foreclosure need serious help and professional representation, not extra fees. Beware of the fine print!
In A 24 Hour City, Why Would You Hire A 9 to 5 Broker?
The workday for The Myers Team begins at 5a.m. The reason for this is simple. The loss mitigation departments for most major banks are located on the East Coast, which is three hours ahead of Nevada. At 6a.m. in Las Vegas, it’s already 9a.m. in New York, Virginia, and Washington DC.
While most Las Vegas Realtors and Attorneys are still sleeping, The Myers Team is at the office, and on the phone negotiating your short sale approval. Additionally, The Myers Team work Saturdays too. This is because the majority of bank loss mitigation departments also work on Saturday.
Las Vegas is known as a city that never sleeps, however, Nevada homeowners facing foreclosure may find it hard to sleep due to the stress of their financial situation. This is why you need representation from a short sale agent who works full time and has the experience and knowledge to protect you. Additionally, not all Realtors are the same. If you hire a Realtor who spends all day in their car driving buyers around, how will they be able to devote their time to your short sale by making the follow up phone calls required to obtain an approval? In order to negotiate the best possible approval terms, including getting the Seller's lender to agree to waive the deficiency amount, this takes a tremendous amount of time, perseverance, follow up and experience. The Myers Team specializes in Seller representation. In a city with all-night hotels, casinos, restaurants, etc., you need a Real Estate company who is available to answer your questions around the clock including weekends. Las Vegas is NOT a 9 to 5 city. Why would you hire a 9 to 5 Broker?
Nevada Short Sale Laws
Most short sale information available on the Internet is worthless. Each state has different laws regarding foreclosure and the short sale process. Many people do not understand Nevada Short Sale Laws and most people do not understand the difference between a Short Sale vs. a Foreclosure in Nevada. Doing a short sale will minimize damage to your credit, and enable your family to get a FRESH START. Allowing your home to foreclose WILL result in maximum devastation to your credit. Additionally, you may get sued by your bank or face a judicial foreclosure. When a home is foreclosed upon in Nevada, the bank has deficiency rights. After a foreclosure, the bank will issue a 1099-A to both you and to the IRS. A 1099-A (abandonment) legally enables the bank to come after you for an expensive deficiency judgment lawsuit. A short sale, however, is MUCH different. After a successful short sale, most banks will issue a 1099-C (cancellation) which is a legal cancellation of debt. Banks cannot legally come after you to collect any deficiency once they have issued a 1099-C. Banks will do everything in their power to threaten and intimidate, however, once a 1099-C is issued, you are on solid ground.* The above information is not intended as "legal advice" however, this information is available on the Internal Revenue Service web site and is available for all to research.* Many homeowners are unsure what to do, and are confused by endless television ads from bankruptcy attorneys trying to convince you that bankruptcy is your only option. Bankruptcy is the worst case scenario. Why go bankrupt if you don't need to? YOU HAVE MANY OPTIONS.
Is a Short Sale Right for You?
IT'S NOT YOUR FAULT THAT THE LAS VEGAS HOUSING MARKET CRASHED. You are NOT alone. When the mortgage bubble exploded, Nevada was ground zero. There is no reason to pay off $300,000 in debt when the home you bought is now worth $150,000. It makes rational sense to walk away and get a fresh start. Too many people refuse to recognize a mistake, and then they compound the mistake over and over by spending their entire life savings, 401(k)'s, retirement savings, and even borrow money from family to avoid accepting the reality of the situation.
Remember that until you have equity in your house, all you are doing is renting. That's correct! You are renting from the bank! Even with a loan modification, homeowners may have no equity in their homes for a decade or more. According to industry experts, it could take 10-20 years (or more) for the Las Vegas Real Estate Market to rebound. Unless you have equity in your home, you are better off selling your home through a short sale and buying another home down the road (that will likely cost HALF of what you paid!) The only difference between renting vs. making mortgage payments on a home with no equity is that if the roof leaks or the air conditioner goes out in the rental, your landlord pays for it. If anything goes wrong in the home you are paying the mortgage on, YOU PAY FOR IT. You also pay the homeowner's insurance and the property taxes. Why would you incur these expenses on behalf of the bank?
Nevada Short Sale Experts
JUST BECAUSE A REALTOR IS EXPERIENCED, DOES NOT MEAN THEY ARE EXPERIENCED WITH SHORT SALES. If you or a loved one were sick and in need of open heart surgery, would you go to a general doctor or would you seek the services of an experienced heart specialist? The same principle applies with real estate agents. Hiring a Realtor or Broker inexperienced with the short sale process could be disastrous. Banks are quick to take advantage of Realtors who are unfamiliar with short sale negotiation.
We recognize that the consequences of foreclosure can be devistating, and the decision in selecting a Real Estate firm to handle the short sale of your home is an important one. When interviewing a Realtor to do a short sale on your home, ask to see written proof of closings in their name. (Not closings in their office, company, or with other team members.) 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? There are many real estate agents who have been licensed for a very long time, however, this does not mean they are experienced with short sales. You need a Realtor who can navigate through the challenges of TODAY's market. You need a Nevada Short Sale Expert.
The Myers Team charge NO FEES for a short sale transaction. Our services are 100% FREE. We NEVER charge document fees, transaction fees, storage fees, compliance fees or JUNK FEES like many other Brokers do. There are plenty of other Realtors out there who falsely claim to be the #1 Short Sale Realtor in Nevada or the #1 Short Sale Real Estate Team in Las Vegas. Who can you trust? The Myers Team has closed HUNDREDS of short sale transactions, and we will gladly provide verification of our extensive closings which document our track record of success. This is NOT a gimmick. The Myers Team is licensed by the State of Nevada to do what we do.
Additionally, BEWARE of other Realtors who claim to be "Certified Short Sale Specialists, or Certified Distressed Property Experts." In Nevada, you can become a "Certified Short Sale Expert or a Certified Distressed Property Expert" by attending a one day seminar. This would be like calling yourself a "HOME RUN EXPERT" after attending a one day class on "How To Hit a Baseball." There are many "Certified Short Sale Experts" running around town who have NEVER closed a short sale transaction. Letters and designations after your name do NOT make you successful in Real Estate. EXPERIENCE DOES. Who do you want representing your family?
Las Vegas #1 Short Sale Team