How to Avoid Foreclosure in Las Vegas

The city of Las Vegas was hit hard by a recession and housing crisis, with the city ranking number one in the nation in foreclosures in 2009, according to the "Las Vegas Sun." The Sun reported that in April 2010, one of every 28 housing units in Las Vegas received a notice of foreclosure. The flood of mortgage defaults prompted city and state officials to make available a variety of resources for people trying to avoid foreclosure in Las Vegas.

Instructions

1

Contact your lender immediately if you are behind on your mortgage. Inform the lender that you are seeking counseling in Las Vegas from a government-approved counselor and that you will provide the lender with an update within several days.

2

Call the StopNVForeclosures.org hotline operated by the city of Las Vegas. Call 877-488-4692. Housing counselors certified by the U.S. Department of Housing and Urban Development will analyze your foreclosure situation. The counselors are trained in all legal and ethical solutions for avoiding foreclosure and will offer immediate advice while also giving you contact information for a more detailed, face-to-face visit.

3

Meet with a HUD counselor recommended by StopNVForeclosures.org. Possibilities include Consumer Credit Counseling Service of Southern Nevada, Nevada Legal Services and Southern Nevada Regional Housing Authority--all in Las Vegas. Fully describe your foreclosure situation and ask about potential remedies including the lender's possible approval of a hardship plan giving you time to make up for missed payments. Authorize the HUD counselor to call the lender to negotiate a solution.

4

Ask the counselor to arrange for official mediation if you have received a court-ordered foreclosure notice known as a "Notice of Default and Election to Sell." As of July 2009, mediation was available to qualifying residents of Las Vegas and the rest of Nevada. Mediation stops the foreclosure process and requires the owner and the lender to discuss possible solutions for stopping the foreclosure permanently. To qualify you must reside in the home and must not have filed for bankruptcy or surrendered the home to the lender. Ask the counselor--with you on the line--to call the Foreclosure Mediation Hotline at 702-486-9380 to begin the process.