Some homeowners struggle to make their mortgage payments even in a desirable area like Summerlin. So if you’re worried that you might fall behind on your mortgage, here are some tips to avoid foreclosure in Summerlin.
A notice of default on an owner-occupied residential property requires filing a petition in district court to participate in mediation. In the past, many foreclosure cases ran through non-judicial methods. But now, all foreclosures should go through the court system.
The change protects homeowners and ensures they have every opportunity to keep their homes.
You can participate in the mediation program upon:
Chapter 13 bankruptcy allows you to restructure your debts and devise a repayment plan that works for you. Additionally, the goal of Chapter 13 is to help you keep your home and get your finances back on track.
Your unsecured debts must be less than $465,275 to file for Chapter 13. Your secured debts must be less than $1,395,875 for eligibility. The debtor must also pass a credit counseling course and not have had a bankruptcy dismissed within the previous 180 days.
The Nevada homestead exemption is a state law that protects homeowners from having their homes seized to pay for debts. The owners should fully disclose the address and legal description of the property, and with these simple requirements met, you can rest assured that your home is safe from creditors. Also, creditors cannot take action against the homeowner’s equity in the property up to a certain dollar amount.
A signed homestead declaration form can protect your property from seizure. In addition, a notary public must witness the signing for the form to be valid. The document is straightforward and easy to fill out.
The final step is forwarding the notarized declaration of homestead to the county recorder. The fees for both document notarization and the county recorder are low.
The market is ever-changing, and as a homeowner in Summerlin, you want to do everything possible to avoid foreclosure. Check out the second part of this guide for more information. Stay tuned for Part 2 in our series on “How To Avoid Foreclosure in Summerlin.”
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