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Van Law Firm Recent Posts

Second Mortgages Are Twice the Headache for Short Sales
Posted by Van Law Firm December 13, 2017

When a second mortgage is held on a property, the release of the loan by two different entities is required, making the short sale process twice as difficult and twice as much work. Understanding the rights of each lender in a short sale can help homeowners make informed decisions throughout the process. What Are Second Mortgages? Homeowners sometimes take out second mortgages to purchase their home or borrow money from […]

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Both Buyers and Sellers Can Benefit from Short Sales
Posted by Van Law Firm October 13, 2017

Though not always the right answer for all buyers and sellers, short sales often provide a number of benefits. For some homeowners, short sales may be an option to avoid foreclosure. Foreclosures can severely damage homeowners’ lives, not just jeopardize their finances. Purchasing a home through a short sale can also be very beneficial to a young family or family that cannot afford the full price of a home. A […]

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Do Sellers Need An Attorney For A Short Sale?
Posted by Van Law Firm August 18, 2017

Legal representation is recommended to manage residential short sales in Nevada. A short sale attorney can review all documents, advise the seller of their rights, obligations, and legal options, negotiate with lenders and help ensure that the sale is structured so clients avoid inequitable terms and unexpected expenses. Mortgage companies have teams of lawyers to protect their interests. Real estate agents market properties, schedule showings, and collect offers, but they […]

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Short Sales Continue Despite Improved Economy
Posted by Van Law Firm June 12, 2017

Underwater homeowners are continuing to put their houses up for short sale even though the economy has seen vast improvement since the big housing bubble burst. Short Sale May Be an Option A short sale occurs when a homeowner puts his or her home on the market at a price that is below the amount that he or she owes on the property. Short sales are sometimes necessary when a […]

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Is Buying a Short Sale Property a Good Investment?
Posted by Van Law Firm April 14, 2017

Buying a short sale property can be a good investment because the price is well below market value. The financially distressed seller is ready to get out of the property, and the lender is eager to get the money back that was loaned out on the sale. The Short Sale Process Buying a short sale property can be a good investment since the property is significantly discounted below market value, […]

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Distressed Sales Explain Seriously Underwater Real Estate Pockets in LV
Posted by Van Law Firm February 17, 2017

Nevada has posted the highest share of seriously underwater properties at the end of the first quarter, 2017 due to a higher than average number of distressed sales during that period. The toll on Nevada housing came as a result of the market collapse in the years surrounding 2008. A decade later the area is still struggling to recover. The New York Times has headlined increasing numbers of squatters moving […]

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Detecting a Short Sale Scam
Posted by Van Law Firm December 15, 2016

Following the financial and housing crisis of 2008, scammers began to target those trying to complete a short sale on their homes and properties as a way of minimizing financial trouble. While there were less than 100,000 homes that were involved in a short sale during 2014, a significant reduction from 2013 (265,000 homes), those looking to complete a short sale are still at risk of being victims. The IRS […]

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Do I Qualify for a Short Sale on My Home?
Posted by Van Law Firm November 15, 2016

When hardships create financial difficulties for homeowners, a short sale can offer a viable solution. A short sale attorney can explain the advantages and disadvantages of a short sale, as well as other options that provide mortgage debt resolution. What is a Short Sale? A short sale is any sale where the lender allows the homeowner to put the property on the market for less than the remaining value of […]

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Short Sale Attorney
Posted by Van Law Firm November 26, 2013

Homeowners who sell their home through a short sale, get their principal balance reduced, or lose their home to a foreclosure may face tax consequences due to the cancellation of debt. However, there are ways to minimize, reduce, or avoid the tax consequences if you fall under certain categories. Basically, if you took out a mortgage for $200,000 and now the house is worth $150,000 and you short sell the […]

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