Nevada Foreclosure Recovery Information

Guide to Nevada Foreclosure Recovery

How to use the Nevada foreclosure process to keep your home
By Emmet McMahan

The first step to recover foreclosures in Nevada is to inform your lender when you can't make your payments on time. Lenders do not want your home because they usually end up losing money in the foreclosure recovery process.

Lenders are therefore motivated to try all options in the Nevada foreclosure process, which may include forbearance, partial claim, payment modification and payment suspension. However, you will have more options if you are only a payment or two behind.

There are three key actions to take in the Nevada foreclosure recovery process:

1. Answer any correspondence that you receive from your lender. These notices will contain important information on the foreclosure recovery process in Nevada and pending legal action.

2. Raise short-term money to make a missed payment. This may include the sale of a second car or jewelry, or a currently unemployed household member may be able to get a job.

3. Avoid foreclosure recovery scams. Many companies that claim to be able to stop your foreclosure will charge you for free information. Others may attempt to obtain the title to your house.

Action Steps

The best contacts and resources to help you get it done

Know how Nevada foreclosure laws will affect you Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Nevada. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: Foreclosure Prevention Services works for you, not your lender and provides a free pre-foreclosure analysis with no obligation. ForeclosureS.com provides the contact information for the Attorney General’s Office in Nevada and links to specific legislation regarding foreclosure in Nevada.

Get assistance with Nevada foreclosure recovery information There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender, if needed.

I recommend: Visit the National Foundation For Credit Counseling's Homeowner Crisis Resource Center for information and tools to get started understanding your foreclosure options. The Homeownership Preservation Foundation offers a hotline that provides free foreclosure prevention counseling by HUD-approved agencies.

Retain foreclosure attorneys in Nevada You may need Nevada foreclosure lawyers to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Nevada foreclosure law, he may be able to make a referral.

I recommend: David J. Winterton in Las Vegas specializes in real estate law and has specific experience in foreclosures. Michael R. Mushkin specializes in several areas of practice, including foreclosures.

Tips & Tactics

Helpful advice for making the most of this Guide

Speak with a manager when you contact your mortgage company as part of your Nevada foreclosure recovery process. The front-line operator will normally be interested only in obtaining your payments that are past due. Ensure you have your loan number, household expenses and recent pay stubs handy and provide a brief, honest account of your financial circumstances. You also will want to get the direct contact information for the manager to whom you are speaking.

Nevada Foreclosure Recovery

Guide to Nevada Foreclosure Recovery

Action Steps

Tips & Tactics

How-To Guide from WORK.COM

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