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AIR DATE: November 17, 2011
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Foreclosures in Las Vegas are actually on the decline, and Las Vegas is no longer number one in foreclosures nationwide. But that may be deceptive. A Nevada law that went into effect in October is the reason those foreclosures are down. But some in the industry say this is just slowing down the inevitable. We'll look to see what Las Vegans are doing now with their undervalued properties and ask if there are any silver linings.
GUESTS
John Restrepo, principal, Restrepo Consulting Group
Thomas Blanchard, broker and owner, REO Asset Services, First Realty Group
LINKS
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I am assuming that you are talking about just letting your house go into the foreclosure process. As such the Bank has a specified time frame to file and go after a deficiency judgement. Most Banks have not been doing that since they are so busy working on the current load of foreclosures. Now if you do a short sale and the Bank forgives the difference you were short (Loan Amount-Sale Price) they can record a Deficiency Judgement, but with a good Realtor or Attorney you should be able to negotiate that out with the short sale. non the less since you had a debt forgiven the IRS looks at it as income and is a taxable event. You should talk to an Tax/Financial Professional regarding those ramifications.
Good Luck
Thomas Blanchard –
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This is not for any that took loans prior to mid 2008. People who took loans after should hqve known of unsteady market. Constantly i hear my home is worth half. And now im gonna lose my home. What does it matter if ur home is triple in value or only worth a dollar. Unless u must sell for wn unplanned move. If u got an adj. Loan after mid 08 then thays ur.own fault. Before 08 i can understand the people getting jerked around before. My fixed loan has actually gone down due to propeety taxes. So if ur losing ur house and ur adj loan between 04 qnd 08 then i feel for u. Qnd ur loan should be looked at. After that period ur own fault. Ahain the value only matter for an unplanned move
carson jones –
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The program should either be in effect right now or forth coming. You can get free advice and assitance through the Consumer Credit Counceling Service at www.ccsnevada.org Hope this helps out.
Thomas Blanchard –
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