Foreclosure Mediation In Las Vegas
Foreclosure Mediation
In Las Vegas before a lender can close, they have to offer to negotiate a loan modification , or a repayment option to the homeowner. You then go before a judge that mediates the negotiation. Sometimes, the parties are able to negotiate and the homeowner avoids foreclosure, sometimes they will continue in the Notice Of Default to foreclose. This can be a one ditch effort to save the home.
A friend of mine, I won't name anyone in particular, for obvious reason, tried to do a loan modification. He was a motorcycle rider, had a terrible accident which disabled him. Faced with a huge cut in pay, he could no longer pay his payments. This is a real hardship, wouldn't you say. The bank didn't think so and turned him down, not once, but twice.
He called me and were going through all the options. He finally paid his money to negotiate when he got the Notice Of Defaut. He didn't have much hope. We were deciding to short sale the home, and this was the last effort to save the home. We were very worried because he had no money, and what he could afford to pay wasn't much. I am sure there are lots of people who are in the same boat.
He was supposed to have his negotiation in December, but in December he had a stroke and it had to be canceled. they reset his appointment and at last, he went to court on January 6, 2011. It is postponed again, and he is back in limbo. The reason this was done was interesting.
The bank came to court with photocopies of the the Note and mortgage to prove ownership, they were told they could not because they had to produce the original note. More of this is going to happen because of recent bank fraud scandals and controversy over correct paperwork.
If you have a Notice Of Default please contact me for help 702-521-1442 or visit my website
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Pat Yoest
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