No Mortgage Cramdown Help from Congress for Las Vegas Homeowners

After some renewed excitement that the “mortgage cramdown” might be permitted by Congress, the House rejected the proposed amendment.

Thanks Congress-folks.  Merry Christmas to you, too.

And so the foreclosure crisis continues to stifle the U.S. economy and kick laid-off Americans while they’re down.  Particularly Las Vegas residents, who by now are no doubt tired of hearing how we’re the “Foreclosure Capital of the U.S.

In case you’re interested in how Nevada’s Congressional representatives in the House voted (the bill never even reached the Senate), here’s how it went down:

It seemed like it might be time for Congress and the Obama Administration to recognize that, while many homeowners have been helped by loan modification options, there are many, many more homeowners in need of greater help.

And speaking of help, perhaps the ironic quote of the day comes from Representative Dan Lungren, a California Republican, who said the amendment would increase mortgage insurance premiums for borrowers “and deny help to those we seek to help.”  Because, hey, what worse way to help an unemployed homeowner facing foreclosure than to allow a bankruptcy judge to keep their home?  The only way Lungren’s statement makes sense is if he defines “those we seek to help” as the mortgage industry.

Help Stop Foreclosure Las Vegas
While this is not the kind of news we like to hear, Las Vegas homeowners are still relatively fortunate to have the strongest anti-foreclosure law currently available:  The Nevada Foreclosure Mediation Program, which enables Nevada homeowners facing foreclosure to request a mandatory mediation session with their mortgage company.

To set up a free foreclosure consultation and learn more about the Nevada Foreclosure Mediation Program and how it can help you, please contact Haines & Krieger.

We’ll provide the Las Vegas bankruptcy information you need to figure out your options and get back on your financial feet.

Leave a Comment