What about foreclosure while I have my house listed as a Las Vegas Short Sale?
If you are behind on your mortgage payments, a lender may proceed to foreclose upon the house,
either in court or through a "power of sale" clause in your loan agreement. The lender will record a Notice
of Default and Election to Sell. Once that happens, Nevada law requires a three month waiting period
which includes a right of redemption during which you may bring the loan payments current.
If the lender moves forward with selling the home, Nevada law requires that a Notice of Trustee Sale be
recorded at least 20 days before the sale. If the foreclosure sale occurs before a short sale is approved
and closed, your will lose your rights, title and interest in the home.
If you receive a Notice of Default while the property is listed, you should notify your agent and seek legal counsel, credit counseling or other assistance in understanding your rights and obligations.
Typically agents are able to put of the Trustee sale during the short sale process, but they cannot guarantee this as every situation is different.
Some of this information can be found in the brochure from the Greater Las Vegas Association of REALTORS® brochure....What Sellers Need to Know about Short Sales
This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.
Give me a call Dawn Barrier (702) 812-4550 we have a team ready to help you.
Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.
Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada
Las Vegas, Nevada
Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.
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HOMESMART ENCORE Las Vegas Dawn Barrier