To date, most mortgage help for Las Vegas homeowners has come from state government in the form of the Nevada Foreclosure Mediation Program, which is just starting to take off.
However, recently there’s been some activity in Washington, D.C. indicating that maybe the federal government will finally provide some additional and much needed help to homeowners facing foreclosure.
Congressman Barney Frank (D-MA) said last week that he plans to pursue legislation that enable homeowners to use the bankruptcy process to modify their mortgages. In other words, rather than rely on the good faith of a mortgage company to negotiate a loan modification, homeowners would be able to use the bankruptcy process to make that loan modification a reality. Frank’s comments seem to be inspired by the lack of effort of the mortgage industry so far to try and remedy what remains a huge problem and a huge threat to our country’s economic recovery.
So if you’re facing foreclosure in Las Vegas, stay tuned for future developments on a possible “mortgage cramdown” provision. And make sure you know where to find Las Vegas bankruptcy lawyers whom you trust and who have the experience and know-how to help you take full advantage of the bankruptcy laws and other tools available to you.
It may seem like the deck is stacked against individual homeowners. But don’t lose faith. There are still some good options available to provide the Las Vegas foreclosure help you need. Get in touch with us for a free foreclosure consultation and we’ll make sure you have the best Las Vegas bankruptcy information available.