Las Vegas residents facing foreclosure who have filed for bankruptcy in Las Vegas or are considering it may be concerned about how the recent foreclosure mess may affect their case.
What are some ways that the foreclosure moratorium may affect Las Vegas homeowners?
1. If you already filed for Chapter 13, as many homeowners do to save their homes, then you may get some extra time to sort everything out.
2. At the same time, you may be bound to your Chapter 13 payment plan, even if circumstances have changed. One exception might be if it turns out that your mortgage lender was engaged in fraud.
3. Review the fees and other amounts being charged by your mortgage lender. The mortgage lenders frequently make mistakes or have just been careless in adding fees. Don’t assume the numbers are correct just because the mortgage lender says so.
4. Mortgage lenders don’t always complete the foreclosure process. They might push forward with it. But when it comes to actually selling the home, it might be so undervalued that they just stop everything for a while. As a result, if you want to stay in your home, don’t leave until an official (e.g., the sheriff) requires you to leave. This may take longer than you think which buys you more time to prepare and adapt.
Every case is different. And one of the most important things a good Las Vegas bankruptcy lawyer can help you do is to review and verify the documentation and the amounts listed on those documents.
If you have questions about foreclosure in Las Vegas, please contact a Freedom Law Firm attorney at 702-903-1354 for a free initial consultation. We’ll help you get through this and figure out your best options.