If the bank does not have your original paperwork it has become very difficult for them to push things through the system undetected. As banks were sold and resold after going out of business or taken over, such as Country Wide, the original paperwork seemed to disappear in many cases. This has given the home owner leverage in dealing with the banks in trying to get a loan modification in Las Vegas. However, some people possible could stay in the home for years without paying because the banks are not willing to sign an affidavit saying they know the paperwork they have is the original note and mortgage. But this being said, it still does not solve the problem of not being able to pay a mortgage, nor does it get you off the hook forever. Some people seem to think they may be able to get their home for free but that is not likely to happen. Even if the banks do not have the paperwork, the political system highly favors the big banks over the little guy and the banks have all the money. It is a very remote possibility that anyone will be able to stay in their home forever without paying the mortgage.
It also is hard to get on with life when you are in limbo and it takes a tole on people emotionally as well as financially. How long do you want to live in a house that is costing you more and more money for upkeep without knowing whether or not you will be able to keep it? Most people would be better off making a move to do a short sale and take advantage of the ease of which they can be done today. Also the debt relief forgiveness act will be expiring soon making it more difficult (but not impossible) to avoid being tax on any of the debt forgiven. Also many banks are giving relocation assistance money to homeowners who do a short sale. This assistance can come in the amount of $5,000-$30,000 upon successful completion of a short sale.
If you are interested in discussing your options and getting a free evaluation of your situation and your home call Chris today. 702-338-8526
Chris LaHaie Realtor
List with Chris
Prudential Americana Group,
Las Vegas, NV