Once again RealtyTrac’s foreclosure report shows that for the 44th straight month, Las Vegas still has the highest foreclosure rate of any metropolitan area in the U.S., and Nevada is tops as well among states.
The “good” news is that the rate dropped from where it was in August 2009.
Notably for Las Vegas homeowners, mortgage lenders seem to be delaying the foreclosure process. Why? Here are…
3 Reasons Why Mortgage Lenders Might Delay the Foreclosure Process
1. Because once a lender issues a notice of default, there’s a timetable by which it must foreclose. And for a variety of reasons, a mortgage lender may not be ready to foreclose. That said, once they do issue a notice of default, they tend to be quick to foreclose and take possession of the home.
2. Issuing a default notice often causes homeowners to leave their homes. This can lead to vandalism and poor upkeep of the home, which in turn can lead to additional expenses for the mortgage lender.
3. Mortgage lenders may be overwhelmed and/or disorganized. They may just not be able to follow through in every situation. There are a lot of people and data to manage. And despite the common misperception, mortgage companies are run by people, and people have limitations, make mistakes and fall behind.
If you’re worried about foreclosure in Las Vegas or already dealing with it and have questions that require a quick, accurate and informed answer, please feel free to contact an experienced Freedom Law Firm foreclosure attorney at 702-903-1354 for a free initial consultation.