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Las Vegas Foreclosure Information

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Up to date accurate information is essential for investing in foreclosures. You will need a source for knowing what properties are going to sale, for how much and when. Complete the request form to receive timely information about upcoming foreclosure auctions for FREE.

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Questions and Answers on Home Foreclosure and Debt Cancellation

  1. What is cancellation of debt?
  2. Is cancellation of debt income always taxable?
  3. I lost my home through foreclosure, are there any tax consequences?
  4. I lost money on the foreclosure of my home, can I claim a loss on my tax return?
  5. I don't agree with the information on the forms 1099-c, what should I do?
  6. I received notice from the IRS about my foreclosure, what should I do?

(View Dave's Blog for more topics.)
 
Foreclosures for novices. Dave and the team specialize in working with professionals and novice investors alike. If your thinking about jumping into the here's some lingo used in the industry:

What is a foreclosure?

 A foreclosure is when a home owner can no longer make his/her mortgage payment and the bank is taking back the home. What first must happen is the bank must notify  the homeowner in writing that if they do not make up their payments they will sell the home at the court house or title company etc. The home owner has a redemption period ( A time to get current on his payments). In the state of Nevada that is ?? days from notice of default. Depending on the lender once the redemption has past the lender can foreclose anywhere from 2 months to 12 month. Keep in mind if the homeowner files a bankrupts that stops the time line HOWEVER the bank can (and usually does) pretension the court to have it remove from the B.K. and continue the process of the judicial foreclose.
Once the bank has completed the statutory requirements of foreclosure they receive title to the property and the property is now called a REO Property (Real Estate Owned).

What is a Short Sale?

A short sale is when a lender will accept less money than the home owner owes the lender.

Lets use this as an example. The home owner owes the lender 100,000 on his mortgage. The home is only worth 95,000. The home owner puts it on the market for sale. He gets a offer at 85,000. The lender then must make a decision. Do I just sale the home for 85,000 and take my loses or do I do a Judicial foreclosure that can take up to 12 months hire a lawyer ECT... Some of the time the lender will do a short sale instead of going a judicial foreclosure.

** Foreclosure: The bank has gone through the process. You do not have to wait for weeks or maybe months to find out if they will take that price or not you know their bottom line but you can still make an offer. Keep in mind the bank must recover certain cost i.e. attorney cost, repairs, carrying the property. You can get great deals on these homes.

** Short Sales:  The bank has not gone through the judicial process. They have not incurred the expenses of a full foreclosure. The only problem with these is you could wait for a few month and find out the bank will not accept your offer and you have lost time. If you have patience and time you can get a great deal on a home!!    

 
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