Foreclosure Prevention

The horror stories have permeated the news for the last three years. Nevada ranks number one in foreclosures and delinquencies. Lagging unemployment compounds an already devastating problem.

NFHC seeks to provide foreclosure assistance through the following services:

  • Full file review and mortgage analysis
  • Mortgage delinquency and default counseling
  • Financial Proposal
  • Negotiate with lenders and servicers to restructure and modify mortgages
  • Negotiate with investors
  • Review inflated appraisals
  • Prepare and submit modification proposals
  • Prepare clients for mediation

The foreclosure process can be overwhelming. Although not exhaustive, below are some common terms and options:

Repayment Plan

This process allows a consumer to make up missed payments over a period of time, by increasing your regular monthly payment. A repayment plan agreement does not automatically stop a pending foreclosure. In fact, if you were unable to make the original monthly payment, it is unlikely an increase in that payment would be beneficial.

Loan Modification

A loan modification changes several the contractual terms in your original mortgage note, such as the interest rate or payment amount. In some circumstances, the principal balance may be modified.

Currently, the federal modification program is called Making Homes Affordable (HAMP). To seek assistance with your modification, please contact the office.

Refinancing

The goal is refinancing is to obtain a new loan. Unfortunately, in Nevada many homeowner’s have a negative loan to value ratio. In simple terms, the balance owed is more than to property is worth in this declining market. If you are considering refinancing, obtain a valid appraisal of your property first.

Mediation

In the past, foreclosure prevention programs had limited success. While mortgage servicers have the power to modify loans, the foreclosure rate continues to rise. Whether real or imaged, too often consumers have felt that government programs were insufficient.

To help address these concerns, Nevada now has a foreclosure mediation program under this option, a consumer that receives a Notice of Default may be eligible. Several restrictions apply:

  • The property must be owner occupied (i.e. primary residence of the homeowner)
  • You must complete and return the Election of Mediation Form, along with the required documents
  • You have not previously surrendered the property or keys to the lender
  • You pay the required fee to the State Mediation program of $200

Additional information on the Nevada Foreclosure mediation program, go to: http://www.nevadajudiciary.us/index.php/viewdocumentsandforms/Supreme-Court-Files/Foreclosure-Mediation/Homeowners/

For a schedule of Foreclosure Mediation classes, contact the office or go to http://www.lacsn.org/option,com_jcalpro/Itemid,48/extmode,view/extid,53/

If you need assistance with a foreclosure issue, please contact the office directly.

To begin the process, please click here to go to the Client Intake Form.