[kwonp702]

Hello I'm new to this forum and need some help.

I live in las vegas and I am foreclosing on a rental condo in las vegas.

My questions are:

1) is there a time frame where the lender can declare/pursue a deficiency judgement? Is there a different time frame for investment vs primary residence?

2) If there is a deficiency judgement ruled against me, is it possible to protect my primary residence and the equity that I have in it? What is a homestead exemption law?

3) Would declaring bankrupy protect me from my the deficiency judgment and is there a way to declare bankrupcy and keep my primary residence?

I'm need help. Can anyone help me find these answers?

Respectfully,

kp

[olecapt]

Originally Posted by kwonp702

Hello I'm new to this forum and need some help.

I live in las vegas and I am foreclosing on a rental condo in las vegas.

My questions are:

1) is there a time frame where the lender can declare/pursue a deficiency judgement? Is there a different time frame for investment vs primary residence?

2) If there is a deficiency judgement ruled against me, is it possible to protect my primary residence and the equity that I have in it? What is a homestead exemption law?

3) Would declaring bankrupy protect me from my the deficiency judgment and is there a way to declare bankrupcy and keep my primary residence?

I'm need help. Can anyone help me find these answers?

Respectfully,

kp

They can do any number of things to you. The odds are very strongly they will not.

Now is you want real legal advice contact a lawyer. If you don't know one I do and will be happy to tell you who to talk to. But he will charge you likely even for a consult. He is not terribly expensive though.

First off Nevada is a recourse state. That means they can come after you for a deficiency judgement. But because of the way the law actually works they almost never do. You have the option of retreating to BK which likely defeats a deficiency judgement. So generally they don't bother. If you are obviously well off and they can easily find that out make a deal. In fact if that is true have your lawyer make a deal .

If however you simply tried a condo investment at the wrong time and got burned...go for a short and then walk. All the bad will be to your credit and you will survive that.


And stop sweating. It ain't all that bad...

[ruready1st]

How does one go about getting a short sale pre-approved? I noticed when shopping for homes in Vegas that some listed in GLVR were bank approved short sale. I thought you had to have an offer first, then the bank approved or denied the offer?

[olecapt]

Originally Posted by ruready1st

How does one go about getting a short sale pre-approved? I noticed when shopping for homes in Vegas that some listed in GLVR were bank approved short sale. I thought you had to have an offer first, then the bank approved or denied the offer?

Mostly you don't. You stick in a short sale and the bank finally accepts it after the buyer has gone away. You then claim it is approved...for some value of approved.

Very rarely a seller may actually get a bank to agree to a short sale at some specific price. Very, very rare though. Mostly banks say no, no, a thousand times no. Then you stop paying and get them a rational offer and they may, eventually say yes...but mostly months after the original buyer is gone.

[ruready1st]

Ah, that makes more sense. Is there a difference in the short sale process based on the type of loan? VA or FHA or conventional?

[KD Hawaii]

Don't forget IRS will go after you especially short sell

[olecapt]

Originally Posted by KD Hawaii

Don't forget IRS will go after you especially short sell

I have told you before KD. They will not. This is not a problem at least until 2012