Thousands of Southern Nevadans have faced the quandary a looming foreclosure or short sale with one all-encompassing question: What can - and most importantly - what should they do?
The answer to that question varies widely, as numerous factors come into play, such as legal, tax, financial and future ability to buy a home. The mention of debt forgiveness and refinancing programs makes the already emotional situation even more confusing.
An Aug. 8 seminar will help lessen the confusion of those who are either facing or recently experienced a short sale or foreclosure when a local mortgage lender, real estate broker, an attorney whose firm specializes in short sales, and a certified public accountant present "Underwater? Looking for Options."
Scheduled from 6-8 p.m. at the Clark County Library, 1401 E. Flamingo Road, the free public seminar will provide participants with information of these myriad topics that will help them make the right decisions for their situations.
Rick Piette of Premier Mortgage Lending will discuss financing options after a short sale or foreclosure, rent vs. buy scenarios, and his Another Chance Home Loan program.
Housing market trends, the role of Realtors in the short sale process and why some say now is a great time to buy a home will be discussed by Bob Hamrick, chairman and CEO of Coldwell Banker Premier Real Estate.
Jamie Cogburn of Cogburn Law Offices will present the legal consequences of short sales and foreclosures, the various options available to underwater homeowners and the short sale process.
Jason Payan of Payan & Miles CPAs will describe tax consequences of short sales and foreclosures, as well as the pending Dec. 31 expiration of the Mortgage Forgiveness Debt Relief Act.
Seating is limited to 120. Reservations are required and may be made at WhenCanWeBuyAgain.com or by calling 702-485-6600.
"It's our hope that our seminar will help those who are facing the possibility of a short sale or foreclosure plus those who have just gone through it because we understand that it can be a very confusing, emotional time with people telling you different things," Piette said.
"We understand that most people really don't want to lose their homes and try to find a new place to live.
"We believe that those who are in this situation need to become empowered through knowledge, understand what they can and should do in their unique personal situations, and then make a decision as to how to best move forward." Piette.
"With a real estate professional, an attorney, a CPA and myself as an experienced mortgage lender all together at this free event, we hope that participants will learn how a short sale or foreclosure may truly impact their lives. There are many tax consequences and legal implications," Piette said. "Many people believe that it will take years before you can buy another home, but this is not always the case. Typically, it can take years before you can qualify for a traditional loan to buy a home, but there are new loan programs out there that can get you back into a home much quicker than you would think."
The four presenters want participants to recognize that each individual's situation is different and that there is not a one-size-fits-all approach in moving forward after a short sale or foreclosure.
"We recognize that everyone's situation is completely unique. These are tough economic times and there are many reasons as to why short sales or foreclosures happen," Hamrick said.
"Through this seminar, we hope to be able to provide you with the proper facts so that you can determine what works best for you and your family."
For additional information, visit WhenCanWeBuyAgain.com.