Nevada has one of the highest foreclosure rates in the country. Many home foreclosures occur because people are terrified and they allow their fear to result in inaction. Take action by contacting an experienced Nevada home foreclosure attorney at Okano Bankruptcy Lawyers in Las Vegas.
A big mistake people make in handling a foreclosure is to ignore it or think there is no hope. But, by ignoring the problem you can end up suffering the following consequences:
- Losing the opportunity to save your home.
- Owing a deficiency balance after your home is foreclosed.
- Having an income tax debt even if the mortgage deficiency balance debt is forgiven.
- Paying property taxes, homeowners association fees, or insurance you don’t have to pay.
- Being forced out of your home before you have to surrender it.
The Home Foreclosure Process in Nevada
In the State of Nevada, a foreclosure is commenced by the lender filing and sending the borrower a Notice of Default. After filing such notice the Lender must wait for 3 months. After 3 months, the lender may file and give notice to the borrower of the sale date of the property. The proceeds from the sale are applied to the existing mortgages. The lender may then seek recovery against the borrower for any debt left unpaid.
Chapter 13 Bankruptcy & Foreclosure
If you are behind on your payments and you do not have the ability to pay your mortgage arrears (past due home loan payments) immediately, we can help. We can file for Chapter 13 Bankruptcy in Las Vegas on your behalf and create a three to five year plan to pay your mortgage arrears gradually over time. With a Chapter 13 Bankruptcy, you pay no interest on your arrears. We can use a Chapter 13 Bankruptcy to eliminate your 2nd and 3rd mortgages.
If your home or rental property is too far underwater, eliminating the mortgage debt in Bankruptcy may be your best option. This is especially true when there are other debt problems that make filing for Bankruptcy the obvious choice.
It May Not Be Too Late To Stop A Home Foreclosure
Do not assume that it is too late for action. Our firm has helped many people who thought it was too late to stop a home foreclosure. Even if you have defaulted on your loan and received a Notice of Default or Notice of Sale, we are here to help. If your home has been scheduled for sale and the sale is just a few days away, we may still be able to help
Recently passed legislation allows property owners to elect to go into mediation with their lender after receiving the first foreclosure notice. Mediation allows discussion with your lender, in the presence of a third-party neutral. The purpose is to explore, in real time, any option to modify the arrears, monthly payment or interest rate to keep you in your home. However, in mediation, lenders are under no obligation to make concessions to property owners or get a loan modification. The lender’s only obligation is that a decision maker is present and that have such discussion in good faith.