Sunday, September 8, 2013

Bill to Aid Economically Distressed Homeowners

The economic crisis that hit the mortgage and housing markets five years ago is still being felt by homeowners in the Las Vegas area. Property owners have been able to get out from under mortgages that exceeded the market value of their homes through a short sale in which the lender agrees to accept a lower payoff.

Until now, sellers in a short sale were prohibited from entering into arrangements to purchase their homes back from buyers. New Nevada legislation effective October 1, 2013, will remove the prohibition.

1 comment:

  1. Glad to see sellers will get some benefits in the market. So many people are struggling today. Good to see the change.