Two ways Las Vegas homeowners have benefited from the mortgage modification process (even if the modification is not ultimately granted)
Many Las Vegas homeowners facing foreclosure may not be able to get a mortgage modification through the Making Homes Affordable Program. But that doesn’t mean they haven’t still benefited from HAMP.
Here are two ways Las Vegas homeowners have benefited from HAMP even when they don’t actually get a mortgage modification:
1. They save money during the process. Mortgage payments are not required during the HAMP application process. And mortgage lenders usually do not pursue foreclosure during the course of the application process. So even in cases where their modification was not approved, many Las Vegas homeowners still saved money and gained some breathing room to figure out their next move.
2. Delays in the process. When the bank is slow to respond or has trouble locating documents, or when homeowners have misplaced documents or been slow to respond, the process is delayed. And in this scenario, the delays have worked to the benefit of the homeowners since they were not making mortgage payments during that time.
We do not advocate using the HAMP application process intentionally as a strategy for delaying foreclosure. But it is worth being aware that there are at least some instances, small though they may be, where the system can actually work for the homeowner’s benefit rather than the mortgage industry’s.
Please feel free to contact an experienced Haines & Krieger attorney at 702-880-5554 if you have questions about or need help with the foreclosure process in Las Vegas. We’re doing our best to help Las Vegas residents move forward with their lives and rebuild our community.