Jamie Cogburn Featured in Bloomberg Article
April 26, 2011
Cogburn Law Offices works to provide clients the highest level of legal services while remaining dedicated to personal service.Las Vegas Short Sale
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Las Vegas Residential Short Sale
Often, the difference between a Las Vegas residential short sale that is or isn't in the best interest of the borrower lies in getting key concessions from the lender. Needless to say, each residential property and each borrower's financial situation is different. Each short sale should be designed around these unique factors. At Cogburn Law Offices, we'll make sure you have aggressive legal representation that forcefully argues for short sale terms that are favorable to you and still agreeable to the lender.
To this end, two concessions are often the most important to the short seller:
- Mortgage Debt Forgiveness: A short sale does not necessarily remove the obligation to pay off the outstanding balance on the mortgage. Yet, some banks will forgive a portion of the mortgage debt to entice the seller to pay off the remaining balance and avoid bankruptcy. In this way, banks can minimize their loss on the property, and you may be able to avoid an even bigger hit to your credit rating. However, when accepting mortgage debt forgiveness, you must know whether the forgiven debt becomes taxable income or whether an exemption is possible through the Mortgage Forgiveness Debt Relief Act of 2007.
- Length of Default: With severe "underwater" mortgages, many borrowers determine a short sale is the best plan to get out from under their mortgage, even though the mortgage is still current. Most lenders won't agree to a short sale if the loan is still performing. However, the length of default needed before the short sale goes through may be a big factor in evaluating the impact to the seller's credit rating.
Comprehensive Las Vegas Residential Short Sale Plans
As you might expect, it's essentially unheard of for a bank to forgive a portion of the mortgage debt, while also permitting a foreshortened default period. Even in cases where near concession is granted, however, a short sale may still make the most sense in dealing with a property that is entering foreclosure. While Las Vegas residential short sales are unlikely to fetch top dollar, they will still typically have more market value than if they are sold as a foreclosed property sold at bank auction. Keep in mind, too, that foreclosure is also no guarantee that your mortgage debt will go away. To this extent, options for debt settlement or bankruptcy may be folded into the short sale process or be dealt with independently. Cogburn Law Offices will make sure that a Las Vegas residential short sale is the best option for you and puts you on a path to long-term financial health.
Dignified Las Vegas Residential Short Sales
Even when they are the best possible outcome, Las Vegas residential short sales are still a trying time for households. Except in rare cases in which an arrangement is made for the seller to pay rent and remain on the property, a short sale entails moving out of the house. We'll make sure this process is conducted in a dignified manner. You won't have to worry about being pressured to leave the property early or face an unannounced eviction. In some circumstances, it may even be possible to receive funds from the short sale to facilitate moving out of the house. And as a given, we'll make sure that the lender abides by the short sale agreement and treats you with the respect you deserve.
Cogburn Law Offices
When your Las Vegas residential short sale begins and again before it's finalized, we'll go through the process step-by-step to explain how it will impact your near- and long-term financial situation. During the negotiations themselves, our unimpeachable reputation, vast legal resources, and experienced attorneys will guarantee you have the best legal representation on your side. If you are in the need of aggressive, courteous, and professional representation, call us at 702-384-3616 for a FREE consultation or contact Cogburn Law Offices today. Do not wait: Once a notice of default is filed, there is limited time to complete a short sale and prevent foreclosure.