It’s time for a review of Las Vegas foreclosure coverage in the news:
The Las Vegas Review Journal has a great article that really explains what’s going on in Las Vegas’ housing market right now. (“HOUSING MARKET: Prime loan borrowers may be poised to face home foreclosures – Local foreclosure crisis expected to worsen“) The main themes are that the foreclosure rate in Las Vegas has slowed a bit, but that’s because the banks are limiting supply of foreclosed properties. From the banks’ perspective, too much supply will drive the value of the houses down too much. But don’t be fooled, there are still plenty more foreclosures to come over the next 5 years. And the next wave will come not from the people with subprime mortgages or adjustable rate mortgages, but from people with prime loans who have lost their jobs and/or whose mortgages are under water.
In Sunday’s Las Vegas Sun, Congresswoman Dina Titus wants Las Vegas residents to tell the story of their loan in order to help the federal government distinguish the good lenders from the bad lenders (“Titus seeks the story of your loan: Nevadan says goal is to identify lenders who are helpful–or not“). Titus has even set up a “Foreclosure Fighters” website where you can tell your story.
On Friday the Las Vegas Sun ran a story about how increasingly homeowners are simply walking away from their homes (“Underwater LV homeowners more likely to walk away, study shows“).
The Las Vegas Sun also has a feature on Boulder City, NV (“Along with growth, suburban town limited housing pain“), a small town with ordinances that restricted massive housing developments. As a result, Boulder City is not facing such a severe foreclosure crisis as the rest of the Las Vegas area.
And lastly, two articles that remind you that even the very wealthy have often face foreclosure and need to auction of their possessions. From the New York Daily News, “Michael Jackson doctor, Conrad Murray, may lose Las Vegas home.” And from the New York Times, “Mansions Go Under the Gavel.”
Help Stop Foreclosure Las Vegas
Before we end this post, just a reminder that there are tools for Las Vegas residents to avoid foreclosure and obtain a loan modification that can help them stay in their home. With the help of good bankruptcy attorneys in Las Vegas, if you’re facing foreclosure, you can benefit from Nevada’s new foreclosure mediation program. This enables you to request a mandatory foreclosure mediation sesstion with your mortgage lender.
Haines & Krieger has been following the new Las Vegas foreclosure laws closely and has the experience and know-how to help you protect yourself and your home from financial ruin.
Please feel free to contact us for a free initial foreclosure consultation.