A Unique Perspective on Purchasing a Las Vegas Foreclosure

This is a picture of a person who had to surrender his house: He has to forfeit the house, typically after being forced to leave the property. He is still legally responsible for the unsettled amount on the mortgage, including accumulated interest.

There’s actually nothing you can do to help the former owner’s credit dilemma. He put himself in that tight spot and he’ll have to solve it on his own. However, by purchasing a Las Vegas foreclosed house, you may be able to save him some money, because the sum of money you paid for the property for is subtracted from the amount he still owe from his lending company.

For instance, if the former owner still has $70,000 due on his property, and you purchase the house for $60,000, he is left with $10,000 of liability to his lending company. Although that’s a huge amount of money to have to settle up, it’s definitely a lot less than $70,000. And even if your deal is less than what the previous householder has to pay back on the property, you can be rest assured it was higher than anybody else’s offer.

Basically, by purchasing the foreclosed home, you’ve shifted the previous owner from the position of having to pay for a home that he isn’t able to sleep in to the position of being forced to pay for the equivalent of an old, used car. While this isn’t the ideal situation for him, it’s much better than the previous one.

Finally, purchasing Las Vegas foreclosed homes for sale winds up being a relatively victorious proposition for everyone involved: You get a pretty good deal on your house, the previous owner has some of his dues lessened, the former mortgage institution recovers their investment and your mortgage company (supposing you aren’t paying hard cash up front) earns money on your mortgage.