There are ways to successfully short-sell your home in Summerlin, Nevada a planned community in the Greater Las Vegas Area. Here are few things you need to know and be aware of before moving forward.
Owning a home in a planned community involves paying fees to your homeowner’s association and a special improvement district along with your monthly home mortgage payment. In a foreclosure, the State of Nevada requires the existing homeowners pay the balance due on a foreclosed home after the bank sells the property.
If you are underwater with your mortgage, you should know that your lending institution may be willing to help you short-sell your home and may even offer a cash incentive to homeowners to do so. The cash incentive can range from $3000 to $35,000, depending on the mortgage company.
Full-Deficiency Balance Mortgage Release
The lender can also give you a full-deficiency balance mortgage release so you owe nothing on the home after the short sale is complete. Since the home is underwater, the difference between what is owed and what the short sale nets will be paid by the mortgage compnany. Not only that, you can walk away from the property without suffering a foreclosure on your credit rating.
Master Planned Community Complications
Unfortunately, the deal can become complicated. In a master-planned community like Summerlin, your homeowners association can foreclose on your property if you stop payments at the same time your bank forecloses. In addition, your special improvement district can also foreclose if you stopped making SID payments. In fact… your homeowners association can foreclose if you fall behind, prior to the lender foreclosing.
Looking for Solutions
If you have decided to short sell your home and walk away, these issues must be resolved. Without damaging your credit, you can get a full deficiency waiver from your bank. If you are underwater with your property, this could be a solution. If you are behind in your payments, or if you are trying in vain to do a mortgage re-modification, the best option may be a short sale.
The major banks in Las Vegas are pursuing the short sale option with underwater homeowners, and are offering cash incentives and / or a full deficiency balance release as a way to resolve the problem. For information on how to short-sell your home and avoid foreclosure, contact Jillian Batchelor, your short sale expert.