For those fulfilling a lifelong dream of living in Las Vegas, foreclosure is like a nightmare. Homeowners who lose their jobs, have an illness or a family member in crisis or some other event in their lives that prevents them from working are most at risk. Other residents who may find themselves in deep water are those with adjustable rate mortgages who find their monthly obligations spinning out of control.


Fortunately, there are options whether you fear you may soon fall behind on payments or you are already one or more payments behind - even if foreclosure proceedings have already begun, you can still save your home. Nevada residents are vulnerable to quick action on the part of lenders, however, making your best course of action to be forward thinking and act early in case of financial trouble.

There are several different scenarios that can transpire in the case of pending foreclosure. If you are current on your mortgage payments but have become aware that adverse financial changes are looming in your future, you can stave off trouble by contacting your lender.. Tell them about your situation, and attemot to take pre-emptive action in order to ensure that you will be able to continue meeting your obligations..

If you have missed one or more payments, chances are that your lender is trying to contact you about the situation. Don't ignore these communications! Promptly set up a meeting to discuss your options. If you merely had a temporary setback (such as a illness or a gap between jobs) and feel you will be able to resume payments, you may be able to qualify for forbearance. In this case, your mortgage company agrees to accept partial payments for a time, or to let you skip payments with the understanding that you will pay the missed amount off at the end of your loan. 

Refinancing is another option; government programs exist to help out homeowners who received adjustable interest rate loans. IN some cases, interest rates can suddenly jump, causing a manageable mortgage payment to increase sharply. Refinancing can set a fixed rate of interest and return monthly payment amounts to an affordable level.

If your problem is more complex, you may wish to hire an attorney. In the case of a long or severe illness, a crisis in your family (death or divorce resulting in loss of income) or the loss of a job, you may be able to arrange a loan modification. This can drop your monthly payments by reducing your interest rate or extending the term of your loan. In extreme cases (such as a drop in property value which causes the mortgage obligation to exceed the current worth of your home) you may be able to have a completely new loan drawn up to reflect the actual value of your home.

If none of the options above are viable, you may be forced to simply walk away. A short sale (where your lender agrees to accept whatever you can sell your house for as settlement of your debt) or handing over the deed to the mortgage holder can sometimes save you from having a foreclosure reported on your credit. As a last resource, bankruptcy may be the only viable option. Consulting a qualified attorney is often the best route, as they can help you weigh your options and make the best decision.

The dream is living in Las Vegas - foreclosure is never part of that fantasy, so if you are struggling with your mortgage, the time to act is now.

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