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Five ways the automatic stay can help with foreclosure in Las Vegas

Monday, May 9th, 2011

Can the automatic stay help protect you from foreclosure in Las Vegas?  And what are some of the advantages to filing for bankruptcy if you are facing foreclosure?

The automatic stay can indeed stop foreclosure.  In fact, once you file for bankruptcy, the automatic stay stops any attempt by a creditor to seek repayment of or collect on any debts from the debtor.  However, it’s also important to bear in mind that a home lender can (and usually will) seek to have the automatic stay lifted so they can continue the foreclosure process.

Nonetheless, there are still a number of advantages to filing for bankruptcy and relying on the automatic stay to stop the foreclosure process.  Here are 5 ways the automatic stay can help you if you’re facing foreclosure:

1.  Give you extra time (a month or two, or more) to find a new place to live and get your life organized.

2.  Leave you with additional cash since you won’t have to pay the mortgage for the month or two (or more) until the automatic stay is lifted.  This is cash that could be used for other important living expenses.

3.  Contest the mortgage.  It’s now widely known that the banks have been extremely sloppy in keeping good records of mortgages.  Just because a bank says they own the mortgage doesn’t mean they do.  Often the records are disorganize, or the ownership chain is difficult to verify, because the mortgage has been bought and sold and transferred so many times that it’s difficult to tell exactly who the rightful owner is.  The extra time you get from the automatic stay may be helpful in exploiting these mistakes made by the banks.

4.  Filing for bankruptcy will reduce your unsecured debts, which in turn may leave you with the cash you need to make payments on your mortgage so you can keep your home.

5.  Filing for bankruptcy will provide tax advantages with respect to your mortgage since the debt related to your mortgage will be wiped clean, even though the lien on your home stays in effect.

If you’re worried about foreclosure and have questions about bankruptcy, please feel free to contact an experienced Haines & Krieger Las Vegas bankruptcy attorney at 702-880-5554 for a free initial consultation.

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Las Vegas still #1 in Foreclosures & 3 Reasons Why Lenders May Delay Foreclosure

Thursday, September 16th, 2010

Once again RealtyTrac’s foreclosure report shows that for the 44th straight month, Las Vegas still has the highest foreclosure rate of any metropolitan area in the U.S., and Nevada is tops as well among states.

The “good” news is that the rate dropped from where it was in August 2009.

Notably for Las Vegas homeowners, mortgage lenders seem to be delaying the foreclosure process.  Why?  Here are…

3 Reasons Why Mortgage Lenders Might Delay the Foreclosure Process

1. Because once a lender issues a notice of default, there’s a timetable by which it must foreclose.  And for a variety of reasons, a mortgage lender may not be ready to foreclose.  That said, once they do issue a notice of default, they tend to be quick to foreclose and take possession of the home.

2.  Issuing a default notice often causes homeowners to leave their homes.  This can lead to vandalism and poor upkeep of the home, which in turn can lead to additional expenses for the mortgage lender.

3.  Mortgage lenders may be overwhelmed and/or disorganized.  They may just not be able to follow through in every situation.  There are a lot of people and data to manage.  And despite the common misperception, mortgage companies are run by people, and people have limitations, make mistakes and fall behind.

If you’re worried about foreclosure in Las Vegas or already dealing with it and have questions that require a quick, accurate and informed answer, please feel free to contact an experienced Haines & Krieger foreclosure attorney at 702-880-5554 for a free initial consultation.

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Las Vegas Foreclosure Mediation Overview

Thursday, August 12th, 2010

Foreclosure mediation is a program that has been created to help homeowners who are struggling with their mortgage payments and facing foreclosure. These programs are run by individual states. When a homeowner is in trouble financially and they are not able to come to an agreement with the bank, they have the option to file a Foreclosure Mediation and Financial Worksheet with their state’s Office of Foreclosure. When the Office of Foreclosure receives the worksheet, they will forward it to the county courthouse that the home is located in. They will also send a copy to the bank’s legal representation.

Once the courthouse receives the worksheet, they will assign a mediator to the case. The mediator will set a date at which both the homeowner and the bank representative must appear. During the mediation, the mediator will not pass judgment on either party. Instead, they will compassionately listen to both sides’ viewpoints, and do their best to guide the two parties to a fair and practical solution. Mediators cannot give either party legal or financial advice, they can only make recommendations.

The reason that the bank is willing to listen to the mediator and try and reach an acceptable agreement with the homeowner is simple. The bank does not want to be in the business of owning houses. If the bank forecloses, it is a big headache for them. They have to pay the taxes, take care of the upkeep, and try and find a buyer. They want to avoid the hassle if at all possible. Therefore, they will usually be willing to listen to any fair compromise that will keep the mortgage alive and in the homeowner’s hands.

Foreclosure mediators undergo special training in order to do their job. This training enables them to suggest several possible paths for the bank and homeowner to take during the mediation session. One of the outcomes can be an extension of the mortgage. Another option that can be chosen is restructuring of the mortgage. The bank will change the terms of the mortgage in order to allow the homeowner a realistic path to repayment. Another option that can be presented is time to refinance. The bank will give the homeowner a specified amount of time to approach other lenders and find a refinancing deal. During this time, the bank agrees not to foreclose on the house. The mediator will try any and all of these options in order to reach a satisfactory agreement for both parties.

For a free consultation or if you need any assistance from Las Vegas Bankruptcy Attorneys, or have questions about Las Vegas Chapter 7 Bankruptcy, or Las Vegas Chapter 13 Bankruptcy, or Las Vegas Debt Settlement, please call the offices of Haines and Krieger at 702-880-5554 today.

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Florida attempts to follow in Nevada’s “Foreclosure Mediation” footsteps

Sunday, January 3rd, 2010

Florida’s Supreme Court just recently issued an order implementing a “foreclosure mediation” program very similar to the Nevada Foreclosure Mediation Program.

Just like the Nevada Foreclosure Mediation Program, Florida’s new program will give homeowners facing foreclosure the option to require their mortgage lender to participate in a foreclosure mediation session.  And similar to Nevada, Florida will provide neutral 3rd-party foreclosure mediators who will assist with the negotiation.

Unlike Nevada, Florida only has a handful of foreclosure mediators ready to go (though that number should begin to increase).  Nevada, on the other hand, recently swore in another 75 foreclosure mediators for a total of 155 foreclosure mediators.

Both Nevada and Florida have consistently been at the top of foreclosure statistics nationwide.  And both are attempting to deal with a backlog of foreclosures on their dockets.

But perhaps most importantly is the fact that other states are clearly looking to emulate the model that Nevada has established.  American homeowners are suffering.  And in the absence of action on a national level (e.g., Congress’ failure to pass the Mortgage Cram Down legislation), it’s been left to the states to try and devise solutions that actually help people.

If you’re a Las Vegas resident seeking real help from good bankruptcy attorneys in Las Vegas who have extensive experience with foreclosure mediation, please contact us for a free foreclosure consultation.

We’ll make sure you get the full benefit and protections afforded to you under the bankruptcy laws as well as the strongest foreclosure mediation program in the U.S.

Click here to see previous Haines & Krieger blog posts about the Nevada Foreclosure Mediation Program.

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Nevada Foreclosure Mediation Program is working for Las Vegas residents

Thursday, December 24th, 2009

Is the Nevada Foreclosure Mediation Program working for Las Vegas residents?

The answer is a clear “yes.”

We’ve already helped numerous homeowners reduce their mortgage payments and keep their homes.  And a recent article on KVBC News 3′s website supports our experience.

Nevada’s Foreclosure Mediation Program–the strongest such program in the U.S.–gives Nevada homeowners who receive a foreclosure notice the opportunity to request a mandatory mediation session with a representative from their mortgage company as well as a neutral foreclosure mediator.  (Plus homeowners typically bring their own lawyer to the session.)

Just 6 months into the program approximately 3,300 requests for foreclosure mediation have poured in.  And judges, lawyers, mediators and Program Director Verise Campbell all say the program is definitely succeeding.  One lawyer mentions that he’s worked on about 40 cases and that about 2/3 of those have resulted in the owner keeping their home.

Haines & Krieger has experienced similar results, keeping most foreclosure mediation clients in their homes and saving them thousands of dollars.

Most mediation sessions take about 4 hours.  And, given Congress’ failure to pass mortgage cramdown legislation, Nevada’s Foreclosure Mediation Program is the most powerful tool that Las Vegas homeowners have to protect themselves and their homes.

Help Stop Foreclosure Las Vegas
They key to stopping foreclosure, especially in Las Vegas, is having good Las Vegas banruptcy attorneys who are experienced with the ins and outs of the foreclosure process and the mortgage industry.

For the best Las Vegas bankruptcy information and foreclosure information, contact us for a free foreclosure consultation.  We’ll help make sure you get the full benefit of the laws that were created to protect you as a citizen of America and of Nevada.

Haines & Krieger has been very involved with and paying close attention to the Nevada Foreclosure Mediation Program.

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What’s going on with the “Medical Bankruptcy Fairness Act”?

Tuesday, November 3rd, 2009

In case you weren’t aware, Congress is currently considering a bill called the “Medical Bankruptcy Fairness Act of 2009.”

If this bill passes, it will hopefully do the following for “medically distressed debtors”:
1.  Waive the means test
2.  Waive the credit counseling requirement
3.  Create a larger homestead exemption to help more people keep their homes.

Recent Senate hearings included testimony by Elizabeth Edwards (wife of former Sen. John Edwards) as well as a woman named Kerry Burns who lost her home because her son’s cystic fibrosis required multiple surgeries that insurance didn’t cover because of “gaps.”  As a result, the Burns family lost their home.

Sen. Sheldon Whitehouse (D-RI) is supporting the bill.  Sen. Jeff Sessions (R-AL), however, is opposing it claiming that it invites fiscal irresponsibility.  The opposition also brought in someone from the American Enterprise Institute (a think tank in DC) whose argument was essentially that everyone should just wait for the economic recovery to solve all of these problems.

It’s unfortunate that legislation like this even needs to be passed.  But that’s what happens when you start off with a horribly written (i.e., the 2005 Bankruptcy Law).

Help Stop Foreclosure Las Vegas
If you’re facing foreclosure or worried about losing your home due to medical debts or any other reason, please feel free to contact us for a free initial consultation.  It’s important to work with good bankruptcy lawyers in Las Vegas, and Haines & Krieger attorneys have the experience and know-how to provide you with the necessary Las Vegas bankruptcy information to help you figure out all of your options.

The Senate Judiciary Committee has announced a November 5th markup on the Medical Bankruptcy Fairness Act of 2009 (S.1624), a bill:

Amending federal bankruptcy law to cite circumstances under which a medically distressed debtor may elect to exempt from the property of the estate in bankruptcy up to $250,000 of the debtor’s aggregate interest in specified real or personal property that the debtor (or debtor’s dependent) uses as a residence, in a cooperative, or in a burial plot for the debtor or a dependent.

Revises requirements for dismissal or conversion of a Chapter 7 case to prohibit the court or specified parties in interest from filing a motion to dismiss or convert to Chapter 11 or 13 if the debtor is a medically distressed debtor.

Waives the credit counseling prerequisite for filing for relief from debt in the case of a medically distressed debtor.

Denies a discharge in bankruptcy from any debt incurred that relates to attorneys’ fees generated as a result of the debtor’s filing of a Chapter 7 petition.

Requires a debtor who seeks relief as a medically distressed debtor to attest in writing, and under penalty of perjury, that the medical expenses of the debtor are genuine, and not specifically incurred to bring the debtor within the coverage of the medical bankruptcy provisions of this Act.

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Nevada Foreclosure Mediation Program and Good Faith Requirement

Monday, October 26th, 2009

Does the “good faith” requirement for mortgage lenders under the new Nevada Foreclosure Mediation Program have teeth?

If you’ve been following this blog, then you know that under Nevada Foreclosure Mediation Program put into place this year, a Nevada homeowner who received a foreclosure notice on July 1, 2009 or later can apply within 30 days for a foreclosure mediation session.  This means that an authorized representative from the mortgage lender must attend the session.

According to the rules, the mortgage lender’s representative must act in good faith.  That is, they can’t just show up and go through the motions.  The consequences for not acting in good faith are “sanctions” which can mean a delay of the foreclosure, or perhaps something stronger.

What those sanctions will be and whether they’ll have enough teeth, however, is not clear yet.

Thanks to a frustrated homeowner named Raul Cardenas, however, we may soon find out.  He went through a foreclosure mediation session with his mortgage lender–Chase Bank–recently.  After getting the sense they were not acting in good faith, he sued Chase.  The court set November 13 as a hearing date to determine sanctions, though the judge also encouraged both sides to get together for another mediation session.

While we do not yet know what the sanctions will be, it is encouraging to see that the courts are placing value on the “good faith” requirement and allowing a hearing on the sanctions to proceed.  That alone may provide the leverage Mr. Cardenas needs to be able to keep his home.

Help Stop Foreclosure Las Vegas
If you’re a Las Vegas homeowner facing foreclosure and you’re seeking good bankruptcy attorneys in Las Vegas who are experienced with foreclosure, loan modifications and new bankruptcy laws Las Vegas, then contact us for a free foreclosure consultation.

We’ll help you figure out all of your options and get the full benefit of the bankruptcy process that was created to protect citizens like you. For more information see our page on Las Vegas foreclosure mediation or call Haines and Krieger today for a free consultation at 702-880-5554.

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Nevada Supreme Court new rules help homeowners with foreclosure mediation

Tuesday, October 20th, 2009

On September 28, the Nevada Supreme Court passed new rules regarding Nevada’s Foreclosure Mediation Program.  And the new rules give the program some additional teeth that should be helpful to Las Vegas homeowners.

What happens if you go into a foreclosure mediation session and the mortgage lender’s representative says, “I don’t have authority to make that decision,” or “Sorry, that’s not my department”?

Under the new rules, the foreclosure mediator now has the authority to determine that a mortgage lender is acting in “bad faith.”  In such case, the court could impose sanctions that stop the foreclosure process or even go further.

The new rules came in response to a request from Nevada State Assembly Speaker Barbara Buckley, according to an article in the Las Vegas Business Press, who clearly understands the seriousness of the foreclosure crisis for Nevada and Las Vegas and has succeeded in giving average people a little leverage in the process.

If you’re a Las Vegas homeowner facing foreclosure, contact Haines & Krieger to have expert Las Vegas bankruptcy attorneys help you figure out your options for saving your home and getting your financial life back together.

Help Stop Foreclosure Las Vegas

Contact Haines and Krieger today for a free consultation at 702-880-5554.

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Another reason why Nevada’s mandatory foreclosure mediation law is necessary

Monday, August 3rd, 2009

In previous posts, we’ve talked about the benefits to Las Vegas residents of Nevada’s foreclosure mediation program (NRS 107.080) here, here and here.  The gist of it being the new law allows homeowners who received a foreclosure notice after June 30, 2009, to request a mandatory mediation session with their mortgage lender.

Here’s one more reason the law was the right move by Nevada:  It turns out banks and mortgage lenders actually have an incentive to delay the foreclosure process because they collect generous fees along the way.

“Lucrative Fees May Deter Efforts to Alter Loans” was the headline in last week’s New York Times investigative piece.  And in interviews with former employees from mortgage lenders, the article describes in detail how mortgage companies continue to collect various fees for things like insurance, appraisals, title searches and legal services from the pools of home loans while homeowners dangle in foreclosure limbo.  The mortgage companies collect these fees regardless of the outcome, so it doesn’t matter to them what ultimately happens to the home or the people who live in it.

Also, the mortgage companies are often owned by the banks and mortgage lenders, or they have profit sharing arrangements with them, according to the article.  In contrast with the Making Homes Affordable program, which offers $1,000 incentives to banks to enter loan modifications with homeowners, the fees from delaying foreclosure are much more profitable.

This article further confirms the fact that the Nevada did the right thing when they passed the most aggressive legislation of any state so far to try and help homeowners negotiate loan modifications with their banks and lenders.

Our first foreclosure mediation sessions under the new Nevada mediation law are coming up in about 60 days.  Stay tuned to the Haines & Krieger blog as we’ll continue to monitor and write about this important topic.

In the meantime, if you’re a Las Vegas homeowner and need to stop foreclosure and you’re in need of good bankruptcy attorneys in Las Vegas or you’re looking for bankruptcy information in Las Vegas, then get in touch with us to set up a free initial foreclosure mediation consultation.  We’ll sit down and provide the Las Vegas bankruptcy help you need, explaining all the options and strategies that will help you move forward with your financial life.

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Foreclosure mediation update: Is the government really “Making Homes Affordable”?

Saturday, July 4th, 2009

The number of Americans facing foreclosure–and no doubt Las Vegas residents as well–increased again in June.  In response to the foreclosure crisis, our government launched the “Making Homes Affordable Program” a few months ago.

The program is intended to encourage loan modifications by giving mortgage lenders some incentives and also by providing loan counselors.  However, the program seems to be off to a bit of a rocky start, according to a recent piece on the radio program Marketplace Money (produced by American Public Media).

In theory, the mortgage lenders should be incentivized to to negotiate loan modifications that enable homeowners to avoid foreclosure and continue to make mortgage payments to some extent.  However, mortgage lenders are overwhelmed right now.  And the loan counselors, while well intended, are also overwhelmed.  The reality is that, while some people may have benefited from the program, many more have not been able to benefit.

That’s why the new Nevada foreclosure mediation program is such an important tool to help stop foreclosure Las Vegas.

Under the Making Homes Affordable program, individuals can contact a loan counselor.  But the loan counselor is at the mercy of the big, bureaucratic mortgage companies.  Their challenge is getting a real, live person on the phone who has the authority to negotiate a loan modification.

On the other hand, the Nevada foreclosure mediation program brings the mortgage company to the table.  It enables homeowners facing foreclosure to require their mortgage lender to attend a foreclosure mediation session.  That means you and your lawyer meet in a room with a representative from your mortgage lender plus a neutral, trained foreclosure mediation expert.

Las Vegas residents now have a tool that most other Americans do not yet have.  To gain the full benefit of this new program, it’s important to have good bankruptcy attorneys in Las Vegas whom you trust and who can answer all your questions.

Get in touch with Haines & Krieger for a free initial foreclosure mediation consultation to learn about new bankruptcy laws Las Vegas.  We can also help you if you’re thinking of filing for bankruptcy in Las Vegas.  But we’d really prefer to help you avoid bankruptcy and avoid foreclosure.

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