The number of properties getting listed as Las Vegas Foreclosures in the real estate foreclosures market is increasing continuously. People are losing their houses in large numbers, as they do not know the alternatives available to them for saving their properties.
Foreclosure process
People usually think that foreclosure is a very fast process, as the lenders are interested in doing that, but in reality it is a long process. The process of a property being foreclosed in Las Vegas can be explained as follows:
- Once the borrower is three to four months behind his payments, the lender can ask the third parties or attorneys to take the necessary steps to collect their money.
- The attorney or trustee files a notice of default with the Clark County.
- From the date of filing a notice of default at the Clark County till the date of auction, there are approximately 120 days in between, if everything is working in a perfect manner.
- The process can be delayed to 12-24 months, if the borrower knows how to manage things to arrange funds.
Options to stop foreclosure
Due to lack of knowledge, many people lose their properties once listed as a foreclosure in the real estate market. Below are some steps that you can take before letting the property go out of your hands:
- Reinstate your loan: Borrower can stop the foreclosure proceedings by paying the entire amount of money to the lender/ bank. For example: the overdue payments, late charges and attorney fee for foreclosure is summing to $10, 000, the borrower pays it and is out of foreclosure. However, this is not a possibility in practical terms.
- Forbearance Agreement: The lender is willing to work out a payment plan in which he divides the payments into regular installments over and above your monthly installments. This makes it easier than the present situation. However, they will always ask for a goodwill payment before placing the loan on a forbearance plan.
- Sell your house: Unless the house is auctioned, you still have the right in the property and can sell it at anytime because of your equity share. By this, you will at least have something and it will least impact your credit scores, which is the case when your property becomes a part of Las Vegas foreclosure properties.
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Written by Alex Rolim.
