my sister in law has MS and lives in N. Las Vegas…She needs to move back east and is upside down on her mort?
mortgage. Does anyone know her best option? Rent/short sale/bankruptcy/walk away? She is afraid if she walks away or claims bankruptcy then the banks might come after her inheritance (which is to keep her in a nursing home) Can anyone help?
Almost everyone that bought a house in the Las Vegas area in the last five or so years is upside down. You sister-in-law has several options, including the ones that you mentioned. Which one is best depends on many factors that are no included in your question. Based on when you say, I would say that bankruptcy may be the worst option, or at least the option of last resort.
There are a few professionals in the Las Vegas area that can assist your sister-in-law in deciding what the best options are, and help her implement her plan. (There are tons of people advertising that they can help, but only a few that I would actually trust.) The first thing she will need is a real estate agent who is experienced with situations like hers. She may also need a lawyer to help her negotiate with the mortgage company.
My best advice is to have her seek legal/real estate agent advice in the Las Vegas area.
Good luck!
April 28th, 2010 at 11:55 pm
If you sister in-law lives in a nursing home, why is shy buying a house? If she files bankruptcy, any creditor can come after her assets regardless of what she intends to use them for. Creditors don’t really care about her condition or situation.
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April 29th, 2010 at 12:39 am
Her best bet is to sell the house for as much as possible, then use the inheritance to pay off the amount she is short. Anything less will result in her credit being destroyed, her getting sued for that amount anyway, plus they will STILL come after the money. She can do it the easy way or the hard way, but to think that you can stiff a lender for thousands of dollars and not have them come after you, is just plain ignorant.
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April 29th, 2010 at 1:19 am
Almost everyone that bought a house in the Las Vegas area in the last five or so years is upside down. You sister-in-law has several options, including the ones that you mentioned. Which one is best depends on many factors that are no included in your question. Based on when you say, I would say that bankruptcy may be the worst option, or at least the option of last resort.
There are a few professionals in the Las Vegas area that can assist your sister-in-law in deciding what the best options are, and help her implement her plan. (There are tons of people advertising that they can help, but only a few that I would actually trust.) The first thing she will need is a real estate agent who is experienced with situations like hers. She may also need a lawyer to help her negotiate with the mortgage company.
My best advice is to have her seek legal/real estate agent advice in the Las Vegas area.
Good luck!
References :
http://www.maridonlaw.com
April 29th, 2010 at 2:00 am
If you are getting beat up by the bank, you might want to consider a forensic audit of your loan process.
Lenders have many requirements that they are supposed to follow when making a loan and in the last few years have not fulfilled their requirements.
Nearly all loans that were - ARM’s, Stated Income, Investor, No Doc, had a prepayment penalty, were made to someone speaking a foreign language - were made out of compliance. The audit will show what the lender has done in violation of the lending requirements.
You use their violations to give yourself a position of strength in dealing with them, instead of being under their thumb begging for help.
People can use this information to force a lender to reduce the principal amount, interest rate, the payment, or to complete a short sale.
If you’d like more information email me at paulevans@centurytel.net
Good luck!
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