Short Sale Information

Did you know that you can still sell your home even if you owe more than it’s worth? Selling your home for less than you owe is called a short sale and it requires your lender to agree to take less than you owe.

Why would a lender agree to take less than you owe? Usually those that are trying to sell their home as a short sale are doing so because of some type of financial hardship which means they most likely cannot afford to pay their mortgage.  Once you begin to miss your mortgage payments, your lender will begin the foreclosure process.  Most of the time your lender will lose more money going through the foreclosure process, hiring a real estate firm to sell the home than they would if they just agreed to a short sale.

I cannot afford to hire a real estate agent because I can’t even afford my mortgage payment. Once you decide to sell your home as a short sale, usually all commissions are paid by your lender.

I have a 1st Mortgage and 2nd Mortgage; can I still do a short sale? Majority of the time a short sale can still be done when there are 2 lien holders.

If you have any questions about the Las Vega Short Sale process that we didn’t cover, contact Sena & Associates today at 702.376.0088!