Foreclosure in Las vegas, NV?

Question:

We have a home with a 80/20 with different lenders, and the 80 was an ARM that will expire next month. We will not be able to make the new monthly payments, and we tried to refi, but the appraised value was almost 30K down from the original debt, so we were left with no choice. Lease not an option. Our next door home has been in the market for more than a year, even they reduced the price, there was no offer.
We don't know what else to do. We are have excellent credit (so far), and someone told us to buy a new home, and let this one goes foreclosure.
What can we do? what is goin to happen to the remaining balance after foreclosure/ sale? and the property taxes? Can lenders go after our second home/banks/etc to get what we owe them?

Answer:
here is a link with the foreclosure laws and timelines for all the states...just click on NV

http://www.foreclosures.com/pages/state_...

also---no, they cannot come after you for monies owed..as the foreclosure will go to a trustee sale and the person who purchases will be responsible for the back taxes etc.

24 months after foreclosure date (per federal guidelines) you will be able to purchase property again.

good luck - hope this links helps (stay away from ARMs in the future.fixed ONLY) :)

You might want to look into doing a short sale on the property, if you can find anyone interested at all. A short sale would let you sell the property for less than the amount that you owe on it, so you'd be able to sell for a price closer to the market value. The lender would have to agree to this arrangement, but if the value has dropped that far, they may be willing to settle, and this would help you avoid the possibility of foreclosure.

If you just let this house go into foreclosure, though, the bank will not be able to go after your other belongings, property, or bank accounts to make up any difference between what the house sells for at sheriff sale and what you owe on it. This is because the mortgage is backed up by the collateral, which is the house. Since you don't have anything else as collateral on the loan, the bank has no recourse to take anything else in the foreclosure process.

The only way the bank can go after your other assets is if they sue you for the difference within three months of the sheriff sale date. Nevada foreclosure laws allow for banks to sue you for a deficiency judgment.

However, lenders rarely, if ever, sue their former clients for a deficiency judgment. This is because they understand that you will not go into foreclosure because you have too much money -- if you fall behind, it is usually because you do not have enough to afford the payment, so there is little chance they will be able to collect on the judgment. It's simply not worth the extra expense to sue you again.

So try the short sale, or look up some other options to stop foreclosure, and don't worry too much about coming up with the difference between what you owe the bank and how much it sells for at the sheriff sale, if you aren't able to sell it.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/...

Foreclosure in Las vegas, NV?

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