Dealing with the Heartbreak of a Las Vegas Foreclosure

Many homeowners are facing a harsh economy in the summer of 2008, not only here in Las Vegas, but across the country. There are many for profit firms offering “solutions” to homeowners who may be contemplating a Las Vegas Foreclosure. In our opinion most of these services are not worth the hundreds or thousands of dollars these firms are charging. Caveat emptor……….

Since we are a for profit firm that is actively involved in the Las Vegas Real Estate Market we thought it would be beneficial to give homeowners a brief outline of steps they should be aware of when facing a Las Vegas Foreclosure.

We would also point out that we have an 8-10 page section on Las Vegas Foreclosures that has much more in-depth information about the intricacies of the overall process and our Foreclosure Help page has information geared for Homeowners facing this problem. Quick snapshot of some steps that will help you come to grips with the process:

1. Ignoring your difficult position is not good – try to stay current on loan payments.
2. If you are having problems, communicate with your bank or lender immediately. In most cases they don’t want to force you into Foreclosure and you may have other options (although this varies by lender or bank).
3. Read the correspondence from your bank carefully to get a sense of any options that you may have.
4. Get a fundamental grasp of your mortgage rights – your loan document will give you a sense of how your lender may act.
5. Contact the Department of Housing and Urban Development to learn more about your Foreclosure options and to reach a no charge HUD Counselor.
6. You may be able to work out a Las Vegas Short Sale - this occurs when a specific piece of property is sold and the Lender agrees to accept a fair market price that is less than what is owned on the property. Small plug: we may be able to help you with this; or not, it depends on a lot of variables but Contact Us and ask for a member of our dedicated Foreclosure and REO Team.
7. We would not recommend signing over the deed to your home to a third party, even if they tell you they can stop a foreclosure process immediately.
8. You may want to consult with an attorney who can help you analyze your contracts.
9. Last but not least, keep your head high and remember an old quote from a man who has seen some personal ups and downs in life, the grizzled gridiron great, Mike Ditka: “Success isn’t permanent and failure isn’t fatal.”