Big news for Las Vegas homeowners facing foreclosure: You may now have the option of requiring your mortgage lender to participate in foreclosure mediation with you if you have received a foreclosure notice for the home in which you live.
The Nevada legislature has made it official with the passage of Assembly Bill (AB) 149. And the Nevada Supreme Court has put together the rules that will govern the process.
Here’s how it will affect you: If you receive a foreclosure notice on July 1, 2009 or any time after, and you live in the home that is threatened with foreclosure, then you have the option of requesting that your mortgage lender meet with you for foreclosure mediation in an effort to negotiate a loan modification.
Why is this big news? Because, as the Nevada state government has recognized, a significant number of foreclosures could be avoided if the two parties just have a chance to sit down and talk. People don’t want to move out of their homes. It’s actually in the interest of banks to have people stay in their homes and continue making payments rather than foreclosing (especially in this real estate market). And when a foreclosure problem is as big as the one that Nevada and Las Vegas face, it’s in the interest of our society and economy to enable people to stay in their homes.
However, as many Las Vegas residents know, it can be very difficult to contact or communicate with your mortgage lender. They don’t necessarily return your calls. And the employees may be busy with other activities.
As a result, Las Vegas homeowners often don’t even have a chance to have a conversation and try to work something out.
Now you do. The new foreclosure mediation program is one more way to help stop foreclosure Las Vegas. The other way is to make sure you have good bankruptcy attorneys in Las Vegas who understand how the new foreclosure mediation process works.
So whether you need Las Vegas foreclosure mediation help, loan modification help or Las Vegas bankruptcy information, please feel free to contact us for a free consultation to learn more about all of your options and get all of your questions answered.
Contact Haines and Krieger today for a free consultation at 702-880-5554.