Current Home Lending Info Blog for Southern Nevada

As of November, Las Vegas has now dropped down from first place to fifth place in the nation for the number of foreclosures.  According to research, it seems that a good portion of the credit goes to our newly formed Nevada Foreclosure Mediation Program. 

Only being active for a few months, there have been about 100 mediators who have been approved by The Mediation Program, with almost another 100 in the process of currently being approved.  With these new guidelines in place, it has become a way to have a program in place for the citizens of our county without having to have the concern of losing your home without a fair fight, and while saving yourself the headache of trying to find a modification company to represent you that will not just be looking to take your money.

However, while this has been a fantastic turn around for our city, I stil fill the need to heed a warning about this mediation program.  You see, what happens with these programs is that the mediators work with the banks on your behalf in an attempt to resolve the current difficult times that you have been placed in that led to the foreclosure.  What most do not tell you is that even with modifying the terms of your current loan program, most will still end up losing their home or end up in the same place within the next 12 months after they have had their payments decreased.  Just because a modification has been done, and the payments get lowered, does not mean that those new payments are still reasonable enough in the long run to dig the homeowners out of the hole that they have been put in. 

So, as you are looking at speaking with mediators, modification companies, and mortgage companies, please do your research.  Remember, don't think about the short term and what will get you out of foreclosure now.  Rather, think of what will put you and your family in a position where you will be able to make your payments comfortably and not be "married to your mortgage."

If you would like someone to speak to, as a second opinion, please do not hesitate to email me at David@HomeLoansOfNevada.com, or call me directly at 702=370-2116.  Best of luck to all of you!

Best Regards,

David J. Schwartz

Mortgage Planner