RealtyTrac announced its latest foreclosure numbers, and to no one’s surprise Nevada has the highest foreclosure rate again (1 in every 56 homes) for the 31st straight month.
The overall foreclosure rate for the U.S. increased by 7% from June to July. And notably, more than half of all foreclosures in the U.S. are from Nevada, California, Arizona and Florida combined.
I know foreclosure is a complicated issue, and homeowners facing foreclosure in Nevada are now fortunate to have the option to request mandatory foreclosure mediation sessions with their mortgage lenders.
But if Congress is listening, now might be a good time to pass the mortgage cramdown bill, which would give bankruptcy judges the ability to reduce mortgage amounts through the bankruptcy process in the name of enabling homeowners to move forward with their financial lives and continue to be productive, contributing members of our society and our economy. Bankruptcy judges can already cram down other debts under the same rationale. What’s so special about mortgage debt, other than the fact that the mortgage industry was good at lobbying to protect its interests?
Help Stop Foreclosure Las Vegas
If you believe a loan modification would help you avoid foreclosure in Las Vegas, please get in touch with us for a free foreclosure consultation. We’ll help you figure out all of your options and strategies and also help you request a mandatory foreclosure mediation session if you’re eligible.
And if you’re seeking more bankruptcy information in Las Vegas, then contact a Haines & Krieger bankruptcy attorney in Las Vegas for a free bankruptcy consultation.
We know Las Vegas homeowners are facing hard times. And we’re doing what we can to help make sure you get every benefit available to you under the law so you can protect your assets and continue living your life.