The Las Vegas housing market has taken one of the biggest hits in recent months, staking claim to one of the nation’s top areas for foreclosures. After much sweat and tears, Vegas homeowners have begun to force a new strategy for managing mortgage debt in their market: short sales.
Trying Something New
Now one of the largest market for short sales, Las Vegas residents have begun to fight back against stingy lenders. While short sales are the mortgage relief choice of many, most Vegas residents did not seek out the process initially. Many Vegas homeowners have had an incredibly tough time dealing with lenders and obtaining mortgage loan modifications. Although a few homeowners did successfully negotiate a loan modification with their lender, many more were turned away completely or offered an absurd deals, like $1 dollar off their monthly payment.
Many of the Vegas short sales currently on the market are the result of stubborn lending practices, while others are simply an attempt at saving a dying market. Most homeowners are aware of the effects of foreclosures both on their private lives, as well as the lives of their community. Despite personal financial troubles many homeowner still maintain their pride in ownership, which has motivated some into short sales for the purposes of protecting surrounding home values.