HELPING HOMEOWNERS *HARDSHIP * HEALING * HAPPINESS
Las Vegas Short Sale Specialists - We can help ·• Do you owe more than your home is worth? ·• Have you received a notice of default in the mail? ·• Do you want, need, or are being forced to move? ·• Did you buy an investment property that you need to unload? ·• Are you in a divorce situation? ·• Recently unemployed? ·• Have you fallen on medical hardship? If you answered yes to any of these questions above, you may want to consider a Las Vegasshort sale in Nevada! Do you need to sell your home, but owe more than it's worth? You are not alone. Many people are stuck in unaffordable loans, or simply need to move. The Ballen Group, known for CLOSING Nevada Short Sales can help short sell your home. The Ballen Group handles all bank negotiations so you can move on with your life. The Las Vegas Short Sale Specialists, Can Help You. Don't wait until it's too late. Act Now. Henderson Short Sales and North Las Vegas Short Sales too! You have nothing to lose and can even buy more time in your house if you are facing an upcoming foreclosure!
Helping Homeowners: *Hardship *Healing *Happiness Call 702-482-7739 to sell your property today!
Why Sell or Short Sell with The Ballen Group
Equity or Negative Equity Your Choice of a Realtor is one of (if not THE) most important decision you, as a Nevada home seller will make. We don't TRY to sell your home, WE MARKET your home to sell. We get you the results you need in today's Nevada Real Estate Market. If you are upside down in your home, and forced to use a Nevada Short Sale Specialist, your choice is even more vital. Many agents will figure that your property, being a Short Sale in Nevada, does not deserve the same comprehensive marketing plan as an equity sale. NOT TRUE. The bank will most likely request a Marketing report to PROVE that the highest and best offer was received on your home. The internet is the best way to prove, and track web site visits, blog posts and comments, statistics and even showings. If you must short sale your home, you need us - The Ballen Group. We are problem solvers, and know how to get the deal done! The Ballen Group, a Aggressively Markets Your Property on the internet! 
Any Real Estate Brokerage can post your property in the Nevada MLS Search. Yes - That will generate showings, but what about the national buyers, or buyers who are not yet working with a Las Vegas Real Estate agent? The web and internet surfing allows potential buyers to see your home up close without actually being there. We put your home on the popular real estate sites that have proven results for driving traffic and interest to YOUR listing and custom designed web site for your property. We understand the need and the power of the major sites such as Zillow, Trulia, YouTube, Google, Facebook, Twitter, AOL Videos, Blog Posts, Classified Ads and more. Simply put -we put your property in from of buyers where it matters most. Choose a Real Estate Team with the Power of the web!
Yes, We are seeing a lot of Short Sales in today's Las Vegas Real Estate Market. It is happening to your friends, your family, and maybe even you. Your home is not worth what it used to be. Las Vegas Short Sale Professionals are now calling it being “upside-down” in which you owe more on the mortgage than the house is now worth. If you can hang on through the slow market, great. If not -you may want to consider a Las Vegas Short Sale to avoid a foreclosure situation. A Nevada Short Sale Process is when the house or property is worth less than what is due on the mortgage. The bank (note holder) takes the loss, but not a such as a foreclosure process. A Nevada short sale is not always the best option for everyone. You need expert Las Vegas real estate short sale expert advice to decide on the pros and cons of a real estate short sale in Nevada. If you are even thinking of short selling your property, here are some positives and negatives to consider: Positive - Avoid Foreclosure – Foreclosures can be a very hard and stressful process for everyone. It might take anywhere from six to twelve months even for a foreclosure to complete.
- Being proactive – Facing your Las Vegas foreclosure will help give you some control over the process. By choosing a short sale, finding a buyer and negotiating terms with the bank, the huge effect on your credit score by a foreclosure can be dodged.
- Start over faster – Minimizing damage to your credit score can help you get back on your credit feet faster. You’ll be eligible to purchase another house faster than if you entered foreclosure according to major lenders.
- You might not owe anything after the Short Sale – Your agent can try asking the bank to cancel your debt altogether. It does happen, but not all the time.
- You won't need to pay large monthly mortgage payments
- The bank may forgive the difference in debt between what you owe and the final price.
- You can avoid the time consuming and traumatic foreclosure proceedings.
- Your credit score will usually recover more quickly than a foreclosure
- You are more likely to avoid bankruptcy
- You may not be taxed on the debt forgiven.
- If you are not able to pay the mortgage premium, or work with the lender on getting a loan modification, a short sale is probably the way to go…even though it means losing your home and investment.
Negatives: - There will be damage to your credit – When a short sale is completed, it is still recorded on your credit but should have a lesser impact as a foreclosure for most creditors. Although lenders will consider a short sale similar to a foreclosure, The chances of getting a home loan will still be slim for a bit.
- Tax Consequences – Talk to your accountant to see if you qualify for the Mortgage Forgiveness Debt Relief Act of 2007, no taxes are owed on the forgiven debt.
- Bank Could Demand a note or some payment – The bank is not forced to forgive the debt. They may ask you to pay them back for the difference on the sale and what is owed on the mortgage, but you’ll need to agree to this.
- The mortgage holder/lender does not have to say yes to a short sale
- You must prove a hardship that prevents you from making your payments.
- A short sale is not short. The time depends on how quickly you and your agent put together the hardship package, and how quickly the lender reacts
- Lenders are known for taking a while to approve short sales.
- If your home has liens, each lien holder/lender must be consulted.
- The successful transaction depends on a good offer from a good buyer.
- The real estate agents involved will usually get a smaller commission.
- You may be asked to sign a promissory note for the debt forgiveness for approval .
- Lenders may seek repayment of the debt forgiven after the short sale is completed.
- Your credit score is going to take a hard hit. Consult tax and legal advice.
- You could be taxed. Consult a tax professional.
There are no promises or guarantees in a Las Vegas short sale whether the lender(s) will approve the short sale or forgive your debt, but Short Sales offer an alternative to the damaging effects of a Nevada foreclosure. A short sale is a complicated process for all parties involved. There are so many details involved (more than what the average homeowner is aware of). Make sure to consult a Las Vegas Short Sale Specialist with a proven history of success with short sales. Options To Not Keep Your Home – The following summarizes the ways to avoid foreclosure but not keep the home. Even though you may not be able to keep your home, it is important to work with your servicer during this process. Walking away from your home without consulting with your servicer may result in a foreclosure reported in your credit file, tax consequences, and/or a defi ciency balance for loan proceeds not recovered in a foreclosure sale. If keeping your home is not a viable option, your loan servicer may have alternatives available to absolve the mortgage and home.
• Sell the property – This is the best option if you cannot aff ord the mortgage payment and if there is equity in the home (the value is more than the amount owed). Other considerations when deciding to sell the home include the condition of the home and how much time you have.
• Assumption - If allowed by the loan documents and if you find another borrower willing and qualified to take over your mortgage, they may assume your mortgage. The new borrower must meet the lender’s criteria.
• Short Sale – If the market value is less than total amount owed, a short sale allows the borrower to sell their home and use the proceeds to pay the mortgage even though the proceeds will not be sufficient to pay off the outstanding balance. The investor and mortgage insurer must agree to this option.
• Deed-In-Lieu of Foreclosure – The borrower transfers the property to the servicer if the home cannot be sold at market value. This option requires that the property be listed for a specified period of time, generally 90 days. There may be tax consequences.
Sometimes foreclosure is the only option for a borrower. If so, you will want to work closely with a certified housing counselor who can devise a plan of action on how to appropriately transition into alternative housing, liquidate unsecured debts, budget and save for future moving costs, and obtain tips on how to reestablish your credit rating.
 (1888PressRelease) July 22, 2010 - Richard Ballen, a local Las Vegas Realtor who has been specializing in Short Sales in Nevada for several years now, has obtained a very difficult Short Sale Approval Letter from Bank of America. The Short Sale Approval Letter from Bank of America has always included language stating that Bank of America reserved the right to collect the debt (the difference of what the buyer paid for the home and what the seller owed on the loan) from the seller. This letter actually states that the deficiency is being waived. The next paragraph is taken directly from the letter.
Upon receipt of the agreed amount, BAC Home Loans Servicing, LP, and it's investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligation therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP will report this debt as "settled for less than the amount owed" and issue a 1099 for the remaining balance. The seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney before proceeding with the short sale.
Ballen uses a comprehensive Las Vegas Short sale system for sellers. Homeowners who are facing Las Vegas foreclosure can request that Richard Ballen, A successful Las Vegas Short Sale Agent, Henderson Short Sale Agent, and North Las Vegas Short Sale Specialist consult with them about their needs. In addition, Ballen has created a custom hardship package allowing the homeowner to complete the documents required by the bank to ease the process. Although Richard Ballen, a Local Realtor, never encourages a Las Vegas Short Sale, many homeowners in Las Vegas and surrounding areas are facing true hardships that force them to attempt a Short Sale rather than face Las Vegas Foreclosure.
Many Las Vegas mortgages now exceed the fair market value of the home. Negative equity has become an increasing problem for the nation, but is excessive in Las Vegas. With the prices of Las Vegas homes decreasing, and the interest rates on previous subprime loans increasing, many Las Vegas home sellers have no choice but to negotiate with the bank to take less (also known as a "short") on the sale of the property. The seller proves a hardship to the bank which could include divorce, loss of income, health issues and other various situations proving the monthly mortgage payments are impossible for the homeowner to pay. The home owner requests the help of a Real Estate agent, such as a Short Sale Specialist to sell their home and negotiate the sale with the bank.
Richard Ballen, who prides himself on his problem solving skills, attends Short Sale Training and classes and stay up to date on bank requirements and policies. Ballen is very successful in marketing & selling Las Vegas, North Las Vegas, and Henderson Short Sales and helps home sellers valley wide. He holds a high standard, and practices professionalism, honesty, and ethical practices at all times. Unethical practices or the "encouragement" to enforce a short sale are not tolerated by Richard.
| Will you become the next Las Vegas foreclosure statistic? - Beware, Las Vegas Foreclosure may be pending. |
Have you missed your first house payment? Your finances have probably been worsened due to an increase in your mortgage payment, job loss or lowered wages, separation or divorce, medical bills, or maybe another reason. Are your credit card limits nearly maxed? Are you breaking out credit cards to fund your groceries? Is it increasingly more difficult to make your monthly bills? If it’s becoming harder to make your house payment each month: Contact a Realtor to Short Sale your Las Vegas Home, or People don’t usually think foreclosure will actually happen. Ignoring it will NOT make it go away. A Typical Foreclosure Process – Note: Timeline varies by state. First month missed payment – you will hear from your lender - You may want to investigate the Short Sale Process
Second month missed payment – your mortgage holder will probably call you to find out where your payment is. Answer their calls. Talk to your bank and detail your hardship and what you are trying to do to better your situation. If possible make one payment to prevent yourself from falling 90 days behind. - See your accountant, attorney, and/or Realtor about Las Vegas short Sale Options Third month missed payment Your lender will send a Demand Letter or Notice to Accelerate letter detailing how much you are behind, and you must bring your mortgage current within 30 days. If a payment arrangement is not made , your bank will probably begin Nevada foreclosure proceedings. They may not accept less than the full amount at this time. You still have time to communicate with your lender and try to come to a resolution. - A short Sale May Be your Option Fourth month missed payment – You are running out of time. After the 30 day date specified in your letter, if you have not completed the payment in the full amount or worked out arrangements with the bank – your case will be referred to the lender’s attorneys. You will incur all attorney fees as part of your delinquency. Sheriff’s/Public Trustee’s Sale – A Sale date is scheduled. This is the real day of foreclosure. You may receive a notice of the sale date in the mail. A notice will be placed on your door, and the sale may be posted in the local paper. BEFORE this sale date, if you want to stay in your home, you will need to be working on avoiding the foreclosure by making arrangements with your lender, or paying the total amount owed, including attorney fees. Redemption Period – post sale date, there may be a redemption period. You will be notified of the details on the notice that Nevada uses for the Sheriff’s or Trustee’s Sale. Important: If you know arrangements are not going to be made, and would like to unload your oversized mortgage without having a Nevada Foreclosure on your record – Contact Richard Ballen of Coldwell Banker Wardley to discuss Short Sale Help. Richard may be able to negotiate on your behalf to accept a “short” amount on your mortgage payoff. You would still lose your home, but without the Foreclosure nightmare. If the terms are not agreeable to you once the short sale terms are sent from the bank, you may still opt for the foreclosure vs. the short sale. Call 702-482-7739 or e-mail sold@richardballen.comto schedule your NO COST – NO OBLIGATION consultation. Richard has a FREE Short Sale Kit offered to you for simply contacting him. More at http://www.thelasvegasshortsalespecialist.com |
Las Vegas Short Sales|The Notice of Mortgage Default
 NOD - THE NOTICE OF DEFAULT - Clark County Nevada Definition: Lenders file in the public records where the property is located a public notice called the Notice of Default. In Nevada, the Notice of Default is not attached to the home physically (like a scarlet letter) as it is in other states. Here it is served to the borrower and posted in the public county records (see link below) Lenders typically do not file a Notice of Default until the borrower is at least 90 days behind in making payments. Lenders must then wait 90 days. During that 90-day period, the borrower has the right to make up the back payments and reinstate the loan. After 90 days, the lender is required to publish a notice in the newspaper for 20 days and then may sell the property to the highest acceptable bidder on the courthouse steps. If no acceptable bid is received, the trustee then conveys the property to the lender. Our local board of Realtors requires that the Notice of Default (NOD) is posted in the MLS. Once you have contract us to place your home on the Multiple Listing Service (MLS), we will check the NOD link weekly to see if your home has been posted on the NOD list. When it does, we will inform you and begin our "foreclosure" timeline. This does not mean we plan for foreclosure, but it does mean that we need to move full steam ahead to beat the foreclosure. Once the NOD has been filed, some banks will set a "sale date". This is the date that your property would go to the "sheriffs' sale" or auction. In order to get a short sale approved, we need to have full approval and closing prior to this date. In some cases, it takes months after the NOD to set the date. It depends on the bank, their procedures, timelines, and work load. Until this date is set, we keep moving along according to our original timeline and checklists set. If you receive a notice of default, please be sure to let us know immediately so we can be more aggressive about the sale or negotiations. The Ballen Group specializes in Summerlin Real Estate and Las Vegas Short Sales. Specializing in Marketing Homes to sell, Henderson and North Las Vegas short sales & REO/distressed properties, negotiating for buyers, first time home buyers, and investment properties, The Ballen Group gets results. For more Las Vegas Short Sale Information, Contact the Ballen Group by sending and email to sold@theballengroup.com, or Call 702-482-7739 .
Get a full feature video of your Las Vegas Short Sale by Las Vegas Short Sale Specialists of The Ballen Group
The Ballen Group, Las Vegas Short Sale Specialists of Coldwell Banker Wardley Real Estate Has Just CLOSED a Wachovia Short Sale in Nevada and helped the seller get $5000.
TOTAL DAYS 53 LIST TO CLOSE IN ADDITION TO $5000 TO SELLER!
Richard Ballen, a Las Vegas Realtor with the Summerlin office of Coldwell Banker Wardley Real Estate, specializing in Las Vegas Short Sales, Henderson Short Sales, and North Las Vegas Short Sales, has successfully negotiated and closed a short sale transaction where a lender ( Wachovia )accepted a “short” amount on Las Vegas Real Estate, saving the sellers from being another Nevada Foreclosure statistic.
The property, located at 4412 Parchester was in default and the homeowner was facing Foreclosure in Nevada. After many negotiations with the bank with no solutions, the home owners contacted Richard Ballen to negotiate a Las Vegas short sale on their behalf. The process was not easy, but with the strong negotiating powers, problem solving and a comprehensive marketing process, Ballen achieved the difficult approval to close the home. As with all Las Vegas short sale approvals, there must be a ready & willing buyer to purchase the home at what the bank considers “fair market value” based on their appraisers values. The seller opted to short sale their home rather than allow a Las Vegas Foreclosure in hopes of having a better credit score and the ability to purchase Las Vegas Real Estate again in approximately 2 years. The great news here is that the entire Nevada Shortsale Process only took a total of 53 days to close - Start to Finish.
Sometimes, to avoid going through the costs of foreclosure, a bank will sanction a short sale by allowing a Buyer to purchase the home for less than the mortgage balance while the home is in pre-foreclosure stage. Pre-foreclosure state is the first of the three stages of foreclosures. Nevada Homeowners, who have either a Wachovia, World Savings or Golden West loan that is in danger of Nevada foreclosure, can be a candidate for the FAST TRACK Wachovia Short Sale Program in Nevada. The new FAST TRACK program is quick and easy! First, we will place your home on the Nevada Real Estate market with the proper exposure to place you in the best Nevada Short selling position. Next, we will put you in touch with the local Short Sale Manager assigned to your local area.
Benefits:
Delinquency not required. Verbal income and asset verification. No Deficiency liability against seller upon approval. Foreclosure process MAY BE STOPPED with valid buyer offer. Borrower can receive $2,500 for relocation assistance. Wachovia will also evaluate you for participation in the HAFA program. HAFA is the new set of short sale guidelines put out by Treasury Department which speeds up the short sale processing for certain types of loans- only applies to primary residences and homes which are not owned or guaranteed by FHA, Fannie Mae, Freddie Mac or VA.
Many are closing in 45 days or less with approval. (Loan must be a “proprietary loan”. Wachovia is the note holder not purely the servicer of your loan)
Richard Ballen, who prides himself on his problem solving skills, attends Short Sale Training and classes and stay up to date on bank requirements and policies. Ballen is very successful in marketing & selling Las Vegas, North Las Vegas, and Henderson Short Sales and helps home sellers valley wide. He holds a high standard, and practices professionalism, honesty, and ethical practices at all times. Unethical practices or the “encouragement” to enforce a short sale are not tolerated by Richard.
Richard Ballen, The Wizard of Las Vegas Short Sales, works his magic and get's the deal done!
For help with your Las Vegas Real Estate, Equity or Negative Equity - Contact The Ballen Group today.
CALL 702.482.7739 - The Ballen Group
Helping Homeowners: *Hardship *Healing *Happiness
The Ballen Group, Las Vegas short Sale Specialists, creates comprehensive Las Vegas Short Sale System for Las Vegas, Henderson, and North Las Vegas Short Sales. The Ballen Group, a top team of Las Vegas Short Sale Specialists has put together a comprehensive Las Vegas Short sale system for sellers. Homeowners who are facing Las Vegas foreclosure can request a Las Vegas Short Sale Agent, Henderson Short Sale Agent, or North Las Vegas Short Sale Specialist to consult with them about their needs. In addition, The Ballen Group has created a custom hardship package allowing the homeowner to complete the documents required by the bank to ease the process. Although The Ballen Group never encourages a Las Vegas Short Sale, many homeowners in Las Vegas and surrounding areas are facing true hardships that force them to attempt a Short Sale rather than face Las Vegas Foreclosure.
Many Las Vegas mortgages now exceed the fair market value of the home. Negative equity has become an increasing problem for the nation, but is excessive in Las Vegas. With the prices of Las Vegas homes decreasing, and the interest rates on previoussubprime loans increasing, many Las Vegas home sellers have no choice but to negotiate with the bank to take less (also known as a “short”) on the sale of the property. The seller proves a hardship to the bank which could include divorce, loss of income, health issues and other various situations proving the monthly mortgage payments are impossible for the homeowner to pay. The home owner hires a Real Estate agent, such as The Ballen Group, Short Sale Specialists to sell their home and negotiate the sale with the bank.
The Ballen Group lists the short sale property the same as they would with any other property. It is marketed on the internet, television, mail outs, magazines and more. The real estate commissions are negotiated with the bank rather than the seller. Ballen then receives offers and presents them to the seller. Once an offer is chosen, it is submitted to the bank for approval. The entire process takes 60-120 days on average and could save the homeowner from Las Vegas foreclosure (Terms should be discussed with the seller’s attorney, accountants, credit advisors and any other professionals outside of the general real estate field).
The Ballen Group specializes in Las Vegas Real Estate, Henderson Real Estate, North Las Vegas Real Estate, Short Sales (Pre Foreclosures) and Las Vegas Foreclosures.
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