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A short sale can allow an individual who is delinquent on their mortgage payments to successfully sell a house in which they have negative equity. The shortsale process can allow the homeowner to avoid a foreclosure, while still freeing themselves of a home they can no longer afford. It is important to speak to an attorney before proceeding to a short sale so that you are aware of the tax consequences and what to expect from a short sale. An attorney can advise you as to whether a short sale is your best option or another alternative would be best for your situation.


In a short sale, a property is listed for sale at fair market value and once an offer is received it is presented to the Mortgage Holder (Bank, Investor) The Mortgage Holder agrees to accept less that what is owed on the property to allow the sale to proceed.

The Mortgage Holder evaluates the offer based on several factors to determine its potential loss. The main items that are evaluated are the Seller’s financial situation and the reason for a financial hardship that would not allow the Seller to continue to pay on the Mortgage Note and could or is leading to imminent Default of the Loan.


Your success in completing a short sale with a deficiency release depends on just a few of the following factors:

  1. Who is your investor or Mortgage Holder? Remember this is not always who is servicing your loan! Was the original loan a FHA, VA, Fannie Mae, or Freddie Mac Loan? Do you have 1 loan, 2 loans or 3 loans? Are any of the loans on the home HELOC’s?
  2. Are you current or late on your Mortgage Payments?
  3. Do you have Mortgage Insurance on your loan?
  4. Do you have assets and what are they? Are they liquid?
  5. Is this your primary home or an investment home?


When negotiating a short sale you need to know is the buyer for your home paying cash or are they attempting to get FHA or VA financing.

THE SHORT SALE PROCESS CAN BE COMPLICATED depending on the number of lien holders involved in the transaction. In Nevada, a lien holder can pursue a deficiency judgment, or remaining loan balance for up to six (6) years. It is in the homeowners best interest to make sure the deficiency is released.

Benefits of a Short Sale

1. A short sale has less impact on the individuals credit history in comparison to a foreclosure. Additionally, a short sale will also allow the individual the ability to purchase a future home in a shorter time frame as compared to a foreclosure.

2. A short sale can remove many months of stress and uncertainty and allow you the freedom to plan your future.

Hiring an attorney to negotiate with lenders has a much higher rate of success in obtaining a deficiency release. Hurtik Law & Associates has a team of highly experienced and knowledgeable experts who have successfully negotiated hundreds of short sales- Call us for a consultation to determine what the best option is available for your circumstances. (702)966-5200

  1. Free Consultation

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