What Does This Mean if You Have Missed Payments?
How to avoid foreclosure…If you are facing foreclosure in Las Vegas, please take note that government forebearnace programs end on June 30, 2021. This means if you have an FHA, VA or USDA backed government loan, there will be no further assistance given to you. If you are facing foreclosure in Las Vegas, please read on and see the information listed below.
Banks and loan servicing companies will start the foreclosure process against you if you are missing payments. Most government forbearance programs delayed your payment but you will have to make up those payments. Some options were a ballon payment or a refi if you qualified for the refi based on employment and credit.
Conventional loans have zero protection right now from foreclosure. Call your bank or loan servicer if you have any questions about how you can try and work with them to save your home. If they have no options for you, call me. I have options for you.
Is The State of Nevada Going to Save My Home?
The State of Nevada as well does not have any programs to extend your forbearance program as well. Those programs were federal and not state based. The state of Nevada is looking into possibly extending protections for tenants but not home owners themselves.
If you are not current on your mortgage payments, now is the time to start paying attention to any letters or phone calls you may receive from your bank or loan servicing company. If a Notice of Default has been filed against your home, you may be a risk to losing your home. You may also lose your homes equity as well. Check out my foreclosure page for links and more information: https://lvrealty4sale.com/how-to-avoid-foreclosure-in-las-vegas/
How Will This Affect The Las Vegas Real Estate Market?
More than likely the Las Vegas area will see an increase level of foreclosures however, this will not drastically change our market and the low inventory we have now. Pricing will continue to remain high since demand will continue from buyers through out the summer months. It is still my overall opinion that the housing market will face some type of correction next year since we cannot continue to see home prices rise if demand for higher priced homes fades.
I cannot stress the importance of getting solid real estate advice about these government forbearance programs. Time is not on your side. I am already seeing more people calling me and waiting to the last minute to save their home from foreclosure. Usually I will need at least afew weeks to save your home if you have a sale date. Waiting until the last minute will not change anything. It is only delaying the worst outcome. Do not lose your homes equity to the bank. Call me today for more information about how I can help you save your home from foreclousre and get you a fresh start! 702-768-2552.