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Get Legal Representation for a Las Vegas Short Sale
A Las Vegas short sale is a common way for mortgagors to vacate a property that is worth significantly less than the mortgage without the property entering foreclosure. Often, a short sale agreement will also include a plan to settle the remaining mortgage debt after the sale has been completed. Otherwise, lenders can pursue the remaining balance under the loan agreement for up to six years. For both residential and commercial property owners, Cogburn Law Offices will make sure a short sale gets you out from under a burdensome mortgage, has as little impact on your credit rating as possible, and fits within your long-term financial plan.
Las Vegas Short Sales for Residential Properties
Residential Las Vegas short sales are more common and more complex than ever. As banks deal with the glut of foreclosed and distressed properties, new practices are being established that may make it easier to reach a short sale agreement. Yet, it’s often only with professional legal representation that borrowers can avoid abusive lender practices and inequitable short sale terms.
Cogburn Law Offices can help you with a short sale if:
You can no longer afford your home
Your mortgage is more than the rental income
You have suffered a hardship
You have been forced to relocate
You are worried about a deficiency judgment
You have suffered numerous other circumstances
From the initial assessment of the mortgage status and loan terms to making sure a lender isn’t pursuing you for years for an outstanding mortgage balance, Cogburn Law Offices offers comprehensive legal services for your Las Vegas short sale.
Las Vegas Short Sales for Commercial Properties
Since most buyers are unwilling to leave large sums of money uninvested for any length of time, commercial short sales are often conceived and completed in just a week or two. Additionally, to minimize the larger losses they face on commercial properties, banks are often more willing to accept a wide range of short sale agreements with terms that are favorable to the commercial property holder. Thus, there are fewer rules of the road where commercial properties are concerned and more creative solutions are possible that protect the financial interests of each party. Moreover, expedited documentation is not unusual, because banks closely monitor large commercial property loans that are not performing.
For these reasons, legal representation is often necessary to manage short sales for commercial properties. With huge financial stakes and a truncated timeframe, this process needs the failsafe of an experienced and diligent attorney overseeing the documentation and legal agreement. Cogburn Law Offices will consider the best way to structure a Las Vegas short sale for you, forcefully negotiate with commercial lenders and ensure the short sale proceeds according to the agreement reached by both parties.
Cogburn Law Offices Recommends Acting Today!
It’s imperative that you don’t wait too long to discuss the pros and cons of a Las Vegas short sale. Whether you’re behind on your payments or simply have a mortgage that’s substantially underwater, it’s not too early to discuss the pros and cons of a Las Vegas short sale. It’s also imperative that you don’t wait too long. Once a notice of default is filed, short sale options and negotiations will become more limited.