If you think the foreclosure crisis in Las Vegas is bad now, wait until the ARMS race begins. That is, until the adjustable rate mortgages (ARMs) start re-setting over the next four years.
A recent New York Times article points out this impending trend, noting that this is going to hit prime borrowers as well as subprime borrowers. Here’s a good quote from the article:
“Everyone’s been focused on subprime, but we’re more concerned about this,” said Todd Jadlos, managing director of LPS Applied Analytics, which analyzes data for the financial industry. “By the time subprime defaults had increased 200 percent, in June and July of 2007, option ARMs had gone up 400 percent. People just didn’t notice because the overall numbers weren’t as high.”
And if you don’t know anything else about foreclosures, you know that Las Vegas has the highest foreclosure rate in the country which means we’re going to get hit the hardest.
Help Stop Foreclosure Las Vegas
As I’ve mentioned in previous posts, this is not a problem just for homeowners in Las Vegas but for our whole community. If you’re worried about foreclosure, one of the most helpful steps you can take is to set up a free initial consultation with a good bankruptcy attorney in Las Vegas, ask questions and learn about your options. With proper planning, you can minimize the problems that face you and hopefully keep your home as well.
Particularly now with the Nevada Foreclosure Mediation Program, which gives Nevada homeowners the ability to request a mandatory foreclosure mediation session with their mortgage lender and a professional mediator. This program gives Las Vegas homeowners the best chance yet to negotiate a loan modification.
Please feel free to contact us for a free initial foreclosure consultation. We’re here to help you and the entire Las Vegas community deal with the foreclosure crisis.