Here in Las Vegas NV, we have been at the epicenter of the foreclosure crisis since the recession began. What is a Las Vegas homeowner to do?  There is an alternative to foreclosure.

What are the differences between a successful Las Vegas short sale and a foreclosure?

Credit Score

  • A successful Las Vegas Short Sale effect can be as brief as 12 to 18 months.  Only late payments on the mortgage will show.  This can lower the score as little as 50 points.
  • A foreclosure may affect your credit score for over 3 years and can lower your score between 200 to 400 points.

Credit History

  • A successful Las Vegas Short Sale may not be reported on a person’s credit history.
  • A foreclosure will stay on a person’s credit history for 7 years or more.

Deficiency Judgment

  • In many successful Las Vegas Short Sales it is possible to convince the creditor to reduce or give up their right to pursue a deficiency judgment against the homeowner.
  • In 100% of foreclosures (except in states where this is no deficiency protection in the laws) the creditor has the right to pursue a deficiency judgment.

Future Employment   
A successful Las Vegas Short Sale is not reported on a credit report and therefore should not be a challenge to employment.
Most employers require a credit check on all job applicants, and foreclosures are one of the most detrimental credit items for your credit report.

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