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Avoiding Foreclosure

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 How to Avoid Foreclosure
(All Las Vegas Foreclosures and Short Sales are included in Las Vegas MLS Searches)

 
Most likely, losing your Las Vegas home is the last thing you expected but, because of various circumstances, its devastating - but it happens. 

First of all, if you're having problems making your mortgage payments, be sure to call the lender.  It can be difficult  to pick up the phone and call, but if you ignore letters and phone calls, it will only make the situation worse, not better.  The majority of homeowners never call their lender so never discover a possible solution.  Lenders don't want to foreclose on your home but if necessary, will file a Notice of Default to protect themselves.   Remember, you will still need a home and you might find that you will have to pay as much, or more, for rent than your mortgage payment.  So, it's vital to talk to your lender and try to work out a plan.  

Resouce - Housing Counseling Agency - US Dept of Housing and Urban Development maintains a list of HUD approved couseling agencies.  (800)569-4287
 
 The lender can offer options for you that might include:
  • Forgiving a payment - rarely happens but depending upon your situation and hardship circumstances
  • Delay legal action and allow you time to get caught up on your payments
  • Make a repayment plan to spread out your missed payments over a longer term
  • Loan Modification - Change the terms of your loan, the lender might freeze the interest rate before it increases, or give a rate that is more manageable for you
  • Make a separate loan to you - There are some government loans that contain provisions, if you meet certain criteria, that will allow you to make another loan that will pay back the missed payments
  • Add back payments to your loan balance - With sufficient equity and if you meet lending guidelines, the lender may increase your loan balance to include missed payments and reamortize your loan.
When the Notice of Default is filed, your options become limited.  That's why it's so important for you to call your lender when you know you're going to have a problem making your mortgage payment.  Not as easy to work out a plan with you lender after the foreclosure process has begun.

You will have a period of time to get caught up on your payments, pay the filing costs of the foreclosure and stop the foreclosure - a reinstatement of your loan.  If you can't make up your missed payments or work out a solution with your lender, you still have some options to stop foreclosure....
  • You can sell your home - Call us to get a free opinion of your the market value of your
    Las Vegas home and how long it might take to sell to determine whether it will fit your trime frame
  • A short sale might be a solution - If you owe more on your home than it's worth, you might be able to sell on a Short Sale.  It may affect your credit but will not be as serious as a foreclosure.  Call Sandra, a very experienced Las Vegas Realtor who has successfully closed many shorts sales; she can guide you through you short sale, negotiate to see if your lender will cooperate with a short sale. 
  • Deed-in-Lieu of Foreclosure - You can sign the deed back to the lender rather than go thru the foreclosure process.  This will most likely affect your credit the same as a foreclosure.
You will want to negotiate occupancy with your lender - often you'll be allowed to stay in your home during the foreclosure process.   


 

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