Happy April from Freedom Law Firm’s Las Vegas Foreclosure Round-Up, where we look at the latest Las Vegas foreclosure news:
Alternatives (HAFA) goes into effect. These guidelines accelerate the short sale process for debtors’ principal residences with mortgages predating 2009., the federal government’s Home Affordable Foreclosure Comment: It’s worth mentioning that Freedom Law Firm has substantial experience helping Las Vegas homeowners with short sales and is well prepared to continue to help with the newly streamlined short sale process.
Homeowners grapple with paying the negative equity on a depreciated home versus taking the credit score hit by engaging in “strategic default.” If opting for the latter, they should beware, for Nevada is a recourse state, meaning lenders can go after former homeowners years after foreclosures, short sales, and bank-approved sales.Comment: For this reason, we strongly recommend consulting with an experienced bankruptcy/foreclosure attorney before proceeding with a strategic default. Freedom Law Firm offers free consultations where you can get advice and perspective on your situation and figure out the best strategy for your situation.
3. Investors Swoop In Again, but Do They Bring A Stigma? (Las Vegas Sun)
Rather than buying homes to flip them at a higher price, investors are coming toto buy homes and then rent them. Nearby homeowners are concerned that renters are unwilling to make the same personal investment in houses as owners. On the other hand, investors claim that a rented house is better for nearby property values than a vacant one.
4. Retail Index Places Las Vegas Near Bottom (Las Vegas Review-Journal)
Investors are also swooping in on Las Vegas’ retail properties. The poor economy is weakening sales, which is leading to shops closing, so like the housing market, the empty retail space is for sale at discount prices for investors.Comment: Freedom Law Firms attorneys excel at commercial loan modifications. Please feel free to contact us for a free initial consultation to discuss your situation. Freedom Law Firm attorneys have been at the forefront of helping Las Vegas residents deal with foreclosure problems and getting back on their feet. So get in touch and let us help you figure out your best options for fighting foreclosure.