If you own real estate in Las Vegas and have to move in the next 5 years it is a good idea to consider selling it now and buying something at these record low values and the record low interest rates. This is especially true if you have a home worth far less than your mortgage. You have a chance to take advantage of the debt relief act passed by congress that will allow to gain the benefit of a short sale without the tax consequences. This debt relief act is set to expire at the end of 2012. It could save you several thousand dollars in tax liability and you could get the albatross off of your neck.
I can give you more information on how you can get your home sold even if you own more than it it worth. The banks have realized that it makes no sense to expect people to pay on mortgages that are 50% greater than the value of the real estate that is being used for collateral. It is true that it would make more sense for the banks to negotiate with current homeowners and re-write their loans so they could stay in the property but they won’t do this at this stage of the game. Often the only way out of this real estate mess is to do a short sale and start planning your future. The anomaly that occurred in the real estate market is something that was predicable unless you had insider information. There is no reason to suffer for 30 years because your house is underwater. Make a business decision and get out. It is the logical thing to do at this stage.
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