$561,690.98 Loan Principle Reduction
Substantial Loan Modifications Are Still Happening in Las Vegas!!!
Sometimes the little guy does win. Sure is nice to be able to share good news sometimes. This is one of those times of rejoicing! This Tradewind Investments client decided to stop making payments (which we advised against because of foreclosure threat) and short sale or modify this property in December of 2010. It has been a roller coaster from the start to the finish line, but well worth it in the long run. The home was over encumbered by approximately $500,000 when we started in 2010. This owner joined into a class action lawsuit against Bank of America and that litigation was able to stop the foreclosure process while they collected rents. Now that this is finally resolved, the owner has several options that they are exploring. The home would bring approximately $450,000 if sold now and will rent for approximately $2400 per month. A quick sale would net at closing about $110,000 and with a 2% interest rate for 5 years, it allows for about $750 per month cash flow. This certainly doesn’t happen in all cases but the point is that there is still time to do something about properties that are underwater. Luckily, we are in a market now where there are buyers waiting for a great home like this one to buy or rent and the owner can quickly move the property once the decision is made to go for cash out or cash-flow. This client is very happy that they chose this las vegas property management company.
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