Las Vegas, Pre short sale - 2nd Home

Hello Everyone,

Has anyone been through a short sale with Countrywide in Las Vegas ? I am thinking this is the route I am left with. I owe 140k on my property and there are several comp properties that are bank repo’s selling in my complex for 80-90k and I am 200 short every month between renting the unit and my mortgage payment, so I think I need to either try short selling or worst case scenario let it go back to the bank.

Also I want to stop paying HOA dues and cut my losses, and advice or suggestions…

This whole mortgage meltdown is so upsetting. I have great credit and now I am SOL. Hopefully it will only take a few years to rebuild. I worked so hard to buy this place and put 20% down of hard earned money that I willl lose.

First thing I would do would be list your property with a realtor & contact the bank about a possible short sale or deed in lieu. If you’re still current it buys you much more time for the possible DIL. In Nevada the bank will pay any delinquent HOA dues in the short sale (almost will never pay in CA & many other states) because the HOA can foreclose ahead of the bank. If a HOA lien is on the property this will make it difficult if you did want the DIL.

For a short sale you would need to provide:

Letter of Authorization (for listing agent or third party negotiator)
Listing Agreement
Bank statements (2 months)
Pay stubs (proof of income for 2 months)
Monthly Financial Statement
Tax Returns (2 years- if no returns, 1099’s or W2’s)
Letter of Hardship
Purchase Agreement
HUD 1 (not agent prepared settlement statement)

You can choose to just walk away from the house, but I’m a big supporter of at least trying to sell or doing the DIL while you still can.