Profile picture for jakecapt

89134 area

I lived in the 89134 area and my home value continues to down. I owe more than it worth, homes in my neighborhood are selling for half or more than the orginal selling price. We are retired and would love to being paying the payment that the new owners are. Should we walk away or try and sell? We also put to much down to qualify for Obama plan.
  • September 07 2010 - Summerlin North
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Have you considered refinancing your home to lower your mortgage payment? There are programs available for homeowners who are in your position. Thank you
  • September 08 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hello Jakecapt,

When listing a home as a short sale, a bank is looking for a hardship. Banks are looking one of three M's in your resoning to list as a Short Sale. Have you had any recent changes in Marriage, Money or Medical?

It appears you have done some homework looking into Making Homes Affordable programs like HAFA and HAMP. Check out www.vegasshorts.com to look over some other Foreclosure Resource links for Nevada.

Let me know if you have run into any changes in one of the three M's to see if we can help you out. 
 
- Mike Madsen
Maketing Director/Realtor
Waugh and Associates
mike@vegasevolutiongroup.com
702-943-0433
  • September 08 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Jakecapt


If your choices are walk away or try and sell, (without knowing any additional information) I pick try and sell. The reason being, the benefits of working with your lender/s to sell the home and settle at least part of the debt are greater in the long run. For example, if in two years you want to purchase a new home, you may be able to, while if you choose to walk away it make take up to 10 years before you can purchase again.

Having said that, every situation is different. I would recommend talking to a Short Sale Expert (someone who has successfully closed more than 50 short sale transactions and has hands on knowledge of all the different banks and policies) about your specific situation. They will be able to give you a more accurate answer. 

I hope this helps.

Jessica




  • September 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.