About 61% of mortgaged Las Vegas homes have negative equity, reports Molly and Bob Hamrick with Coldwell Banker Premier Realty. It’s the main reason why 25% of homes sold are short sales. For homeowners, short sales relieve them debt and allows them to start over again without substantial harm to their financial stability. A short sale often leaves the individual with a better FICO score and ability to repurchase a home in the near future. In addition, short sellers currently are not required to pay tax on the deficiency (balance on the loan after the home is sold) per The Mortgage Forgiveness Debt Relief Act. For the full report, CLICK HERE.Coldwell Banker: 61% of Vegas Homes Underwater
About 61% of mortgaged Las Vegas homes have negative equity, reports Molly and Bob Hamrick with Coldwell Banker Premier Realty. It’s the main reason why 25% of homes sold are short sales. For homeowners, short sales relieve them debt and allows them to start over again without substantial harm to their financial stability. A short sale often leaves the individual with a better FICO score and ability to repurchase a home in the near future. In addition, short sellers currently are not required to pay tax on the deficiency (balance on the loan after the home is sold) per The Mortgage Forgiveness Debt Relief Act. For the full report, CLICK HERE.
