Nevada Short Sale Information – Nevada Short Sale Laws

Nevada Short Sale Laws

Most short sale information available on the Internet is worthless.  Each state has different laws regarding foreclosure and the short sale process.  Many people do not understand the difference between a SHORT SALE vs. FORECLOSURE in NEVADA.  Doing a short sale will minimize damage to your credit, and enable your family to get a FRESH START.  Allowing your home to foreclose WILL result in maximum devistation to your credit plus you may end up being sued by your bank.  When a home is foreclosed upon in Nevada, the bank has deficiency rights.  After a foreclosure, the bank will issue a 1099-A to both you and to the IRS.  A 1099-A (abandonment) legally enables the bank to come after you for an expensive deficiency judgement lawsuit.  A short sale, however, is MUCH different.  After a successful short sale, most banks will issue a 1099-C (cancellation) which is a legal cancellation of debt.  Banks cannot legally come after you to collect any deficiency once they have issued a 1099-C.  Banks will do everything in their power to threaten and intimidate, however, once a 1099-C is issued, you are on solid ground.  The above information is not intended as “legal advice” however, this information is available on the Internal Revenue Service web site and is available for all to research.*  Many homeowners are unsure what to do, and are confused by endless television ads from bankruptcy attorneys trying to convince you that bankruptcy is your only option.  Going bankrupt to prevent a foreclosure is like cutting off your hand because of a “hangnail.”  Bankruptcy is the worst case scenario.  Why go bankrupt if you don’t need to?  YOU HAVE MANY OPTIONS.


The decision to pursue a short sale for your home can be an emotional issue often dependent on many factors.  For most families, their home is their largest financial asset, however, in Las Vegas, most homes are “upside down” in value, meaning homeowners owe more than their house is worth.  While it’s easy to become emotionally attached to your home, it’s important that you don’t fall into the trap of making the decision a personal one.  Home ownership may be the “American Dream,” however, there is no need for you and your family to go down with a sinking ship.  Nevada is the #1 foreclosure state in the nation and has the highest unemployment.  It will take a very long time to the Las Vegas economy to rebound. 

Over 50% of homeowners who get served with a Notice of Default do absolutely nothing.  If you are like so many homeowners and your home is under water and you don’t know what to do.. call us and get the help you need.  We guarantee to provide you with professional, ethical and confidential service. We can list your home with no yard sign, no flyers and with complete confidentially.  Your neighbors don’t need to know.

Let the experience of The Myers Team go to work for you.  Whatever your reasons are for selling, our experience with short sales, and our track record for getting them approved will ensure that your home gets sold.  LET US TAKE AWAY YOUR STRESS and GET BETWEEN YOU AND YOUR BANK.  If your home is currently in default, or if you are about to fall behind on your mortgage payment, call us right away. YOU HAVE OPTIONS.

The Myers Team is Nevada’s #1 Short Sale Team.

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