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juanfletcher · Joined: 26 May 2009 Posts: 2 1.00 Dollars($)

I'm currenlty about $120k underwater on a house in Las Vegas. I owe $352k on the first and $66k on the second. I had to relocate for work and rent the house out and am currently renting in my new location. Is it best to hope the market comes back one day or bite the bullet on a short sale or foreclosure now?

Are there any unique laws in Nevada that may help or hinder the process?

smithsussane · Posted: Tue May 26, 2009 8:43 pm Post subject:

Hi juanfletcher!

Welcome to forums!

In my opinion, it will take quite some time for the market to come up. If you can keep on paying the mortgage dues for the current property as well as the property which you'll be purchasing, then you can go for it. However, if you feel, you won't be able to maintain both the payments, then you should go for a short sale.

Feel free to ask if you have further queries.

Sussane

juanfletcher · Joined: 26 May 2009 Posts: 2 1.00 Dollars($)

Thanks. I've thought quite a bit about short-sale, but the whole charge off has me very nervous. Any thoughts on how to tell if either lender will opt for that?

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Hi Juanfletcher,
I personally feel you should wait till market come up, though you are capable to pay both loans.
It will more logcal and it will be more helpful in this scenario.

Think on options................

jameshogg · Posted: Wed May 27, 2009 8:24 pm Post subject:

Hi juanfletcher,

You can write a hardship letter to the lender and apply for a short sale. The lender will judge your financial situation and decide whether he would accept your request or not. It is the discretion of the lender to accept or reject your request.

Thanks

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Short Sale with 80/15 loan in Vegas