Short Sales Vs. Foreclosures: Finding Solutions For Struggling Homeowners
The current economic crisis has taken a serious toll on the housing market. Many people are finding themselves left with mortgages that are difficult to pay and homes that are worth significantly less than what they once were. At the law firm of Goldsmith & Guymon, we can explain your options if you are having trouble making your mortgage payments.
What Is A Short Sale?
A short sale basically allows you to sell your home for less than what you owe on the home. The lender will then take the proceeds of the sale and your mortgage obligation will be eliminated. A short sale can operate as an alternative to entering foreclosure and is typically less damaging to your credit than foreclosure. There may be serious tax consequences should you go through the short sale process, so it is important to speak with an experienced Las Vegas attorney who can inform you of the benefits and detriments of a short sale.
At the law firm of Goldsmith & Guymon, we have the knowledge and experience to guide you through the short sale process. We can also assess your situation and let you know if a short sale is the right option for you.
If you are facing foreclosure, it is important to note that when lenders start the foreclosure process, they are required by law to send you forms that will allow you to go through a mediation process. If you opt for mediation and the bank fails to send an authorized agent to represent its interests in the mortgage, then the bank will be prohibited from foreclosing on your property. Our knowledgeable attorneys can review your situation and answer any questions you may have regarding foreclosure mediation. Make sure your rights are protected.
Alternatives To Foreclosure And Short Sales
Foreclosure or a short sale may not be the best option available to you. You may be able to avoid foreclosure or a short sale and hold onto your property by filing for bankruptcy. In addition, you may be able to escape the stigma of foreclosure by disposing of your property in ways other than a short sale, such as offering a deed in lieu of foreclosure, or through mortgage mediation. Regardless of your situation, our seasoned attorneys can explain what options are available to you.
Call To Schedule An Appointment
If you are facing the threat of foreclosure or are already in foreclosure and need legal assistance, call us at 702-873-9500 to schedule a meeting with an experienced attorney.
Located in Summerlin, our law firm offers services to people in Las Vegas and throughout Nevada. We offer legal services in English, Spanish, and Mandarin.