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How to Handle a Las Vegas Foreclosure

Aug 16, 2008
If you are contemplating a Las Vegas Foreclosure we can help you by working closely with you and your bank or secured creditor. We have a dedicated team of Foreclosure Specialists who handle only Las Vegas Foreclosures, REO and Bank Owned homes We have an intimate knowledge of a Las Vegas Foreclosure process and can help you in a number of ways. We also have relationships in place with many banks and lenders throughout the Las Vegas area. Foreclosures are at all time highs, have you noticed these recent positive changes?

- Increased Conforming Mortgage Loan limits (up to $729,750).

- Interest Rates are at a 35 year lows (under 6% approximately).

- The Federal Reserve is now pushing liquidity into the mortgage markets.

- Pending $7,000 Tax Credit to Foreclosure Buyers from the Foreclosure Prevention Act

1. Ignoring your position is not good - you do not want to fall behind in payments, do your best to stay current with your payments, or you can be forced into a Las Vegas Foreclosure.

2. Contact your bank or lender as soon as your situation becomes difficult - you have much more leverage and options than you think and believe! As most lenders do not want to take possession of your house as in the end it may cost them more taking possession than letting you stay in the home.

3. Read all letters from your lender or bank - there will be important information that will map out your options that you want to be aware of and be responsive to their calling you as well.

4. Get a good grasp of your mortgage rights to prevent a Las Vegas Foreclosure - carefully read your loan documents so you will have an understanding of what your lender may or may not do in a foreclosure situation.

5. Know what your Foreclosure Prevention options are - contact the Department of Housing and Urban Development to learn more about your Foreclosure rights and to reach a no charge HUD Counselor that will give you free advice and counseling.

6. There a many companies that offer for profit Las Vegas Foreclosure services - most do not offer much value. In most cases your better off contacting a HUD approved counselor who will provide free services; or (small plug) contact us, we may be able to set up a "short sale" for your home in you live in the Las Vegas area and are ready to move into a Las Vegas Foreclosure.

Note: A Las Vegas Short Sale occurs when a specific piece of property is sold and the Lender agrees to accept a fair market price that is less than what is owned on the property.

7. We would not recommend signing over the deed to your home to a third party, even if they tell you they can stop a Las Vegas foreclosure process immediately - you may end up a renter in your own home. Again, contact a HUD approved counselor, one of our Foreclosure Specialists or an attorney to prevent a Las Vegas Foreclosure.
About the Author
Lasvegasrelocation.com provides more information about how to deal with Las Vegas Foreclosures during these tough financial moments. Learn more about Las Vegas short sales and the local real state market, visit us today!
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