A Las Vegas home foreclosure may seem inevitable if you are unable to make your mortgage payment. Fortunately, there are many things you can do to prevent a foreclosure from being carried through to conclusion. The most important thing is not to stick your head in the sand and ignore what is happening. In fact, the earlier you take action, the easier it will be to get your mortgage back on track.
Don't ignore home mortgage foreclosure notices.
Falling behind on your mortgage is bad enough - don't compound your problem by sticking your head in the sand and ignoring letters from your lender. The farther behind you get on your payments, the harder it will be to recover.
Make the first move if you can.
If you contact your lender before they contact you, and honestly explain you see trouble ahead, they will usually be more than happy to work with you. Stopping foreclosure is in both parties' best interest, and remember - the bank is not a real estate agent and has no use for your home - they'd rather be collecting payments.
Open your mail and answer your phone. Respond to each notice from your lender with a written statement that details your situation and asks for help. Don't get caught in the trap of facing foreclosure with no-one to blame but yourself.
Know your rights.
Knowledge of you mortgage and home ownership rights can prevent you from being tricked or scammed. Consult an attorney before signing anything - homeowners have been fooled before by scam artists who promise to save their house and end up taking it away instead. You should also research the laws particular to your state - for example, Nevada law favors the lender if you are not extremely proactive, so start taking action now to stop foreclosure.
Show the bank you are serious.
If you try to tell the bank you can't afford your bills but you just financed an expensive motorcycle or car or bought a second home, don't expect to be taken seriously. If, however, you can show you have trimmed your luxuries down, they will see you are being honest and be more willing to work with you on your mortgage. If you have assets, consider selling them to allow you to catch up payments or hire an attorney to negotiate a favorable loan modification.
Don't get scammed.
There are dozens of foreclosure prevention companies offering their services to the public. As mentioned above, many of these are scam artists, and will use scare tactics to pressure you into signing papers giving them control of your situation, or paying them in advance to save your home and stop foreclosure. Even legitimate companies are not worth paying money for - you could be catching up your mortgage or hiring a real attorney.
An attorney can help you further understand your rights, and can help you in your battle to save your home. With a proper understanding of your rights and a willingness to take responsibility, you can stop a Las Vegas home foreclosure in its tracks.