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
- 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.