BluefoxToday blog : Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix)

Las Vegas Short Sales: What is a Short Sale Hardship?

Many people would like to roll the dice on a Las Vegas or Henderson short sale and just be done with their homes simply because they do not like what it is worth right at this moment.  Unfortunately a large percentage of lienholders will not give debt (or deficiency) forgiveness without a solid hardship.  It would be great to walk away from our assets easily without any just cause or ramifications other than saying “I don’t like what my home is worth today and it will never come back to the same amount that my mortgage is.”

So there you have it – an upside down home is not really a justified hardship for a Las Vegas short sale.

Here is a small list of some things that do validate a hardship and make a Las Vegas short sale easier to obtain:

  • Loss or Reduction of Income
  • Loss of Assets
  • Job Loss
  • Illness or Disability
  • Medical Bills
  • Death
  • Military  Relocation
  • Civilian Job Relocation
  • Separation or Divorce
  • Business Failure
  • Increase in Household Operating Expenses (utilities, taxes, HOA, adjustable rate mortgage, etc)

When you are selling your home as a short sale, you will be required to write a “hardship letter” as part of your short sale packet and maybe even have to prove your hardship if asked to do so.

Now there are an abundance of checks and balances during a Las Vegas short sale.  One of them is the BPO process.  I have always wondered what a lienholder thinks when they see a shiny brand new Lexus, Land Rover or Beemer sitting in the driveway during one of these secret exterior orders.  It happens more often than one would think.

When you are listing your Las Vegas or Henderson home as a short sale, you may want to make sure your hardship is valid.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 23 commentsRenée Donohue~Home Photography • January 13 2011 10:40AM
Las Vegas Short Sales: What is a Short Sale Hardship?
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