Las Vegas Short Sale Lawyer

Unfortunately it is no secret as to the current status of the Las Vegas real estate market. The vast majority of homes are worth far less than the homeowner owes on the mortgage and this leaves the homeowner in a predicament when times are tough as they often wonder why they are scraping by to pay a mortgage on a home thats value is depressed.

There are options that are available to homeowners in this predicament. Unfortunately, the banks do not make the process easy. In many cases utilizing an experienced Las Vegas Short Sale Lawyer can save a homeowner much time and headache. If you think you may need to retain a short sale lawyer, please use the contact information below to schedule a consultation.

Our office handles two types of short sales, traditional and HAFA.

Traditional Short Sale:

A traditional short sale is where our office lists the home for sale with a realtor, gets an offer, and then begins negotiations with the lender on the terms of the short sale. The negotiations include such items as deficiency obligations, money for junior lien holders, moving expenses, etc.

Our office has a very high success rate with traditional short sales and has also been very successfull in getting the lender's right to pursue deficiency waived. While every situation varies, having an experienced law firm advocating on your behalf increases your chances for success.

HAFA Short Sales:

On April 6, 2010, the Federal HAFA short sale program went into effect across the country. HAFA is a federal program that provides guidelines for certain lenders and servicers regarding short sales and deed in lieu of foreclosure. The guidelines streamline the process and eliminate the endless months many homeowners previously had to wait to get a response from their lender.

Who qualifies for the program:

People who are unable to pay the first mortgage on their primary residence because their mortgage payment is more than 31% of their gross monthly income.

ONLY CERTAIN BANKS ARE PART OF THIS PROGRAM, including Freddie Mac, Fannie Mae or any HAMP signatory servicer.

When do you qualify for the program:

The homeowner must be delinquent or foreseeably delinquent in their mortgage payment or have already been approved by your bank for the HAMP loan modification program.

What else must you do to qualify for the program:

You or your attorney must contact your bank to begin the application process.

What happens after you apply for HAFA:

Your bank will evaluate your application. If approved, they will talk to your attorney, and between them will agree on the terms of your short sale agreement. You then list your house for sale with a licensed real estate agent. When you get an approved offer, you will be free and clear of your first mortgage as soon as the sale closes.

What does HAFA require the banks to do:

HAFA requires that the bank give you a pre-approved sale price for your home, which streamlines the short sale process. HAFA also requires that the bank respond to any offer to purchase within a certain period of time, shortening the short sale process.

What loans are handled by the program:

The HAFA program can help with all mortgages on the property; it is your attorney’s job to negotiate to make sure you are protected from deficiencies on your mortgages.

ONLY CERTAIN BANKS ARE PART OF THIS PROGRAM, including Freddie Mac, Fannie Mae, and most major lenders.

Do you need an attorney:

Because of the complex contract language and negotiations, we recommend an attorney work with you on all short sale negotiations. McFarling Benson has represented homeowners in HAFA short sales since the program began and has the experience to get you the best possible results for your situation.

If you would like a consultation about the HAFA short sale program, please call 702.565.4335 to schedule an appointment