Foreclosures are a reality of every market. They happen in good economies and in bad ones. Any
information contained on this page is for informational purposes only, if you are or know you will be in
foreclosure consult a legal advisor. By no means are these all your solutions.

This state allows the lender to seek legal action to recover it's losses (deficiency judgement), do all
possible in order to not become a Las Vegas foreclosure.

This is not set in stone and varies SLIGHTLY!!
After 90 days late on HOA, 1st loan, 2nd loans the lender (s) and/or HOA will usually serve you with a
notice of default. From there 111 days later +/- your home will go to auction.
Unless you take action.

Options:

Loan forbearance or modification:
This is the option I would recommend and will usually work before the lender files foreclosure suit, it
will permanently modify your loan but you will be caught up. Some lenders will not consider this after
filing, but we can try.

Reinstate your mortgage:
You may have up to the day of auction to pay the mortgage and get it up to date. Borrow money if
necessary and you know you can continue making the payments.

Refinance:
You've probably have received preapproval letters for a loan. Be careful, of offers that require you to
send money in advance. Your credit is damaged and very unlikely to be approved for a loan if you're
in foreclosure status. All they want to do is take advantage of your misfortune.

Arranging new financing will depend on your income, credit report, value of your home and the
amount of your equity. If you're not sure of the value of your home, give me a call. Usually I can give
you a fairly accurate estimate of value within the same day.

I would be glad to help, and there's no obligation to you. If you do attempt to refinance, make sure
you have a backup plan, many times people call me after the loan fell through and days before the
auction.

I may be able to work with the banks to get you refinanced even without equity in your home or even
if you owe more than it's worth. I don't do refinancing nor am I a lender, and you can use your own
lender. I just know how to work with banks, so things work out for them.

Declare Bankruptcy:
An option to consider if your financial situation has improved, filing bankruptcy prior to the auction
will stop the sale. The unfortunate reality is that for most people, it only postpones the sale for one or
2 months, and now you're also out the attorney fees.
This is a great option if you now have the income to make re-payment an the courts agree.

Sell your home at fair market price:
This is probably the most under utilized option available. I can sell your home whether there is equity
in the home or not. I can negotiate deficits with the bank, sometimes eliminating them. No outcome is
guaranteed when negotiating with banks, but I always try to resolve the sale with the least out of
pocket. If there is an out of pocket it is usually in the form of an unsecured note, and no where near
the amount that would build up if the home goes to auction (i.e. Court fees, auction fees, deficiency
etc.)
If you have recently been notified that a notice of default has been filed against you, we still have
time to sell your house.

DO NOT PROCRASTINATE:
Consider all the options I've presented to you, and if saving your home seems unlikely, you should
call me as soon as possible. Putting your home in a month or a few weeks from now may not be
enough time to find a buyer, arrange financing and schedule the closing. Because this is a time
sensitive matter, doing a for sale by owner is not the best option.

BEWARE:
If a notice of default has been recorded you probably have been swarmed with investors that are
mailing you and the most aggressive knocking on your door to make you a cash offer. The story they
usually present is the one you only have one or two weeks before auction and the locks will be
changed soon and your possessions thrown into the street. This scare tactic is usually followed by a
very low offer. They're just taking advantage of your pain.

Fact is you may have several months, but this does not mean that you have time to relax. Consider
one of the above mentioned options that best suits your needs and take action immediately. Time is
of the essence.

One last option:

Let Your Home Be Sold On the Courthouse Steps - By far, the worst option available to you! Many
people feel "I have no equity, let the bank take it", but homes that are sold on the courthouse steps
typically sell between 50% and 70% of their fair market value. Moreover, if a bank suffers a loss due to
the pending foreclosure action against you, they also have an option. They can file a deficiency
judgment against you and pursue you for the amount of their loss.

Shortly after the sale at auction you will probably be forced to move, if not sooner than that.

Call me I'll be more than happy to work with you and recommend an option for you.

Las Vegas Foreclosure