Can I Sell My Home If It’s In Foreclosure in Las Vegas, NV?
Foreclosure can be a stressful and overwhelming experience. It occurs when a homeowner is unable to make mortgage payments on time and has no way to catch up on missed payments. Since a mortgage is a legal agreement between you and your lender, defaulting on the loan allows the lender to auction off your property to cover the debt, which can leave you homeless and with damaged credit.
No one wants to receive a notice of foreclosure and yet, in a nationwide study, nearly 1 million Americans were afraid of losing their homes (U.S. Census Bureau Household Pulse Survey, fielded from July 27 to Aug. 8, 2022). And foreclosure can occur from a number of reasons, including:
Job loss and loss of income
Divorce or death of a spouse or partner
Mounting debt, including medical and credit cards
Moving without being able to sell the home
Natural disaster
RjRebel Real Estate Investments is a local company operating in NV that has built their business by buying distressed houses and properties in the area for cash. They promise competitive cash offers without the hassle of dealing with real estate agents, title companies, traditional bank financing, and more!
At RjRebel Real Estate Investments, we understand how daunting this situation can be. If you’re facing foreclosure in Las Vegas or surrounding areas, there are steps you can take to avoid losing your home, and yes, you can still sell it, even if it’s in foreclosure. Let’s explore your options.
What is Foreclosure?
Foreclosure begins when you’re unable to meet your mortgage payments and default on your loan. For example, if you or your spouse recently lost a job or suffered a financial hardship, you may find yourself unable to cover your mortgage. Even if you regain employment, the debt you’ve accumulated can be too large to pay off quickly. This is when the bank starts the foreclosure process.
How Long Do You Have Before Foreclosure in Nevada?
In Nevada, you typically have 120 days or more before foreclosure occurs, depending on your lender’s actions and whether it’s a judicial or non-judicial foreclosure. Your lender will notify you through calls, mail, and emails, and you’ll need to decide on a course of action during this time.
Types of Foreclosure
There are two main types of foreclosure:
Non-Judicial Foreclosure:
A non-judicial foreclosure does not require the lender to go to court. This process is faster and less expensive for the lender. They can repossess and sell your home based on the “power-of-sale” clause in your mortgage or deed of trust.
Judicial Foreclosure:
In a judicial foreclosure, the lender must file a lawsuit to get court approval to sell your home. If the court grants their request, your home will be sold, and you could be responsible for any remaining debt that the sale doesn’t cover. This is known as a deficiency judgment.
How to Sell Your House Before Foreclosure in Las Vegas
Even if foreclosure has started, you can still sell your house before it goes to auction. Let’s go over a few options:
Hire a Real Estate Agent
You could list your home with a real estate agent, but this might take time you don’t have if your house is nearing auction. Real estate agents can take weeks or even months to sell your property, and once sold, you’ll owe a 3% to 6% commission, which may be unaffordable when you’re in debt.
Short Sale
If your home is worth less than you owe, you might consider a short sale. This option requires lender approval and can take a long time to complete. Although a short sale can prevent foreclosure, it will negatively impact your credit for up to seven years, similar to a foreclosure or bankruptcy.
Sell Your Home As-Is to a Cash Buyer
If you’re on a tight deadline and need to sell your house quickly before foreclosure, selling to a cash buyer like RjRebel Real Estate Investments is one of the fastest and easiest options. We specialize in helping homeowners in Las Vegas avoid foreclosure by offering a quick, hassle-free sale for cash.
With RjRebel Real Estate Investments, you can sell your house as-is without needing to make repairs, clean, or prepare for showings. Plus, you won’t have to worry about real estate commissions or closing costs. We provide fair, competitive cash offers and can close in as little as a few days, giving you the relief you need without the stress of traditional home sales.
Can You Stop Foreclosure Once It Starts?
Pay Off the Loan and Fees:
If you can, pay off the outstanding loan and any associated fees before the foreclosure is finalized. This may involve liquidating assets or borrowing from friends or family. A financial professional can help you create a plan to pay off your debt and save your home.
Declare Bankruptcy:
As a last resort, declaring bankruptcy may stop the foreclosure process temporarily. However, this can significantly damage your credit for years to come and should only be considered after exploring all other options.
Consider Government Programs:
You might qualify for programs like the Homeowner Affordability and Stability Plan (HASP), which helps struggling homeowners restructure their mortgage payments to make them more manageable.
Why Choose RjRebel Real Estate Investments?
At RjRebel Real Estate Investments, we understand that every foreclosure situation is unique. We live and work in Las Vegas, and we’re dedicated to helping our neighbors find personalized solutions to avoid foreclosure. We’ve helped many homeowners navigate tough financial times by purchasing their homes for cash, offering flexible closing dates, and guiding them through the selling process with transparency and respect.
If you’re facing foreclosure in Las Vegas, don’t wait until it’s too late. Contact us today at (866) 718-3427 for a free consultation. Let us help you explore your options and move forward with confidence.
