My Home is In Foreclosure

Is your home facing foreclosure? Are you trying to short sell your home? Are you trying to obtain a loan modification? Are you getting frustrated by all the red tape? Are you tired of getting the runaround? We specialize in helping people just like you stay in their homes, or short sell, without all the hassle and without all the stress.

foreclosureWe believe that you should be informed of all the options available to you. We understand your situation. We can help and make sure that you are informed of your rights. One of the strongest protections currently available to homeowners is The Nevada Homeowner Bill of Rights (NHBR). The NHBR is a new law that was enacted for the express purpose of protecting homeowners, just like you, from unethical and egregious foreclosure practices.

The protections of this bill could not be more timely for Nevadeans. In Nevada, there are 263 foreclosure filings for every 1,000 residents in Clark County alone.  Currently, there are over 16,000 properties in foreclosure status.  Many borrowers have been forced walk away from their homes due to deliberate misinformation and unethical lending practices. The NHBR was enacted for this very reason and it allows Nevada residents to do everything possible to stay in their homes.

Prior to the enactment of the NHBR, many homeowners lost their homes, even though applied for loan modifications and did exactly what they were supposed to. These borrowers were left with no idea of the status of their application for loan modification. Without any further notice, or explanation, these same homeowners suddenly received a notice of foreclosure. That is why, the NHBR now requires mortgage servicers to give borrowers who submit a loan modification application a yes or no decision with an explanation, of the decision to foreclose and of their rights, before the foreclosure process can begin. Furthermore, the NHBR prohibits mortgage servicers from dual tracking, a practice where the mortgage holder offers a loan modification to a homeowner while initiating foreclosure at the same time unbeknownst to the homeowner. This practice is considered unethical and, now illegal, because it is misleading and deceptive.

The NHBR accomplishes its purpose by extending the homeowner protections of the National Mortgage Settlement Agreement to include mortgage servicers who were not bound by its provisions. The law is designed to ensure that homeowners are better informed of their options in case of default or foreclosure. The NHBR now requires lenders to send borrowers notice of foreclosure. In addition, borrowers are entitled to receive a notice of default, a pre-foreclosure notice with information about their loan including options on avoiding foreclosure. Additionally, the homeowner may not be charged any processing, service, or application fees for foreclosure prevention.

In essence, mortgage servicers are barred from foreclosing without first contacting a homeowner via phone or mail to evaluate the homeowner’s unique set of circumstances for refinancing options. Mortgage servicers must also serve as a single point of contact by providing knowledgeable, and competent, customer service so that homeowners can continue to progress in their efforts to save their homes. That point of contact must be familiar with the facts particular to the borrower’s situation and should be able to keep the homeowner informed as to the status of his application for loan modification.

After giving notice of foreclosure, the mortgage holder must send the borrower an application for loan modification with the appropriate instructions. This application must include the following: (1) A statement with the homeowner’s account summary and payment history; (2) The lender’s contact information with an explanation of the lender’s right to foreclose; (4) A statement of foreclosure prevention alternatives offered by the lender, such as the Nevada Mediation Program; (5) A statement indicating that the homeowner may request a copy of the mortgage; and (7) Instructions about loan modification.  Upon receipt of the homeowner’s request for modification, the lender has 30 days to accept or reject the homeowner’s request.

If the homeowner’s application for loan modification is denied, the decision must be reviewed and the homeowner has the right to appeal the lender’s decision. After rejection of the homeowner’s application for loan modification, the mortgage holder must give public notice of the homeowner’s default and wait 30 days before initiating the foreclosure. Once foreclosure has been initiated, the lender must show that it has the appropriate legal standing to proceed. A notice of sale must be posted within nine months of posting the notice of default. Should the lender violate any of these provision, the NHBR allows homeowners to seek injunctive relief.

If your home is in foreclosure, if you need to short sell or modify your loan to save your home, call us. We want you to know your options. We can help you whether your goal is to refinance, short sell, or stay in your home. We will work to obtain the best outcome for your specific situation. We will make sure that your rights are respected, that you are treated fairly, and that you are protected. Call us today!

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