Foreclosure is what occurs when a homeowner fails to make mortgage payments. The bank or creditor that loaned the money then takes possession of the home in foreclosure. The mortgage lender may put the foreclosed property up for sale to make up for any losses. We understand that foreclosure can be a very anxious and frustrating time—read on to learn more about foreclosures and your options—including a free consultation with a Las Vegas Foreclosure Lawyer at (800) 603-3900.

It all begins when the homeowner (a borrower) fails to make timely mortgage payments. Unfortunately, this inability to pay is usually due to hardship; divorce, unemployment, or disability—among many other reasons. You won’t lose your home for being a few days late on your payment; most banks give you a grace period along with a late fee. Foreclosure is a costly undertaking and lenders would rather avoid it if possible; it benefits them to let you keep your home. But things may start to get serious after 90 days when the default notices start coming in through the mail. This period of time is considered the pre-foreclosure phase (which can take months or years). You have foreclosure rights! Give us a call today to speak to our Las Vegas Foreclosure Lawyer to discuss the legal options to save your home.

The bank or entity can begin to foreclose on your home after being delinquent on your payments for 90 days. Some lenders will foreclose at the 90-day, many may give you more time. Once you receive the notice of default, that’s how you know that your lender is taking action to foreclose on your property. From there, you’ll have an extra 90 days to pay before the lender files a Notice of Trustee—informing you that your home may get sold in an auction at a specific place and time. Some foreclosures take a few months, some have taken years to finalize. An experienced real estate attorney can help you—not only in getting you more time but also in preventing the loss of your home. Call today to discuss your foreclosure rights!

A short sale in Las Vegas is when a bank or lender allows the homeowner to sell their home for a significantly lower price. For creditors, a short sale may be a better option over claiming the property by foreclosure and attempting to sell it later—since the latter can be quite costly. For the homeowner, a short sale can be very beneficial in protecting their credit, preventing foreclosure and its arduous process. A short sale is a much simpler endeavor for both parties involved.

These are homeowners choosing to simply abandon their Las Vegas homes and jettison a mortgage that they’ve kept current but that has them owing more than the house is worth. Even though the move will lock them out of a new mortgage for years, some borrowers think it’s worth it. Once a homeowner decides to become a strategic default and stops making the mortgage payment, it could take months, if not years, to finish the foreclosure process during which time the homeowner remains in possession of the home.

Federal court ruled that a law firm that files an action to foreclose on a mortgage engages in “debt collection” and are subject to the requirements of the Fair Debt Collection Practices Act. Chase Home Finance retained a law firm to foreclose on property the Plaintiff had inherited. Chase dismissed the foreclosure action after the Plaintiff contested the bank’s ownership of the note on the property. The Plaintiff sued the firm, alleging its activities relating to the attempted foreclosure violated the Act. The firm argued that such activities are not “debt collection” within the meaning of the Fair Debt Collection Practices Act. The Court disagreed, explaining that “every mortgage foreclosure, judicial or otherwise, is undertaken for the very underlying debt, either by persuasion (i.e. forcing a settlement) or compulsion (i.e. obtaining a judgment of foreclosure, selling the home at auction, and applying the proceeds from the sale to pay down the outstanding debt). Accordingly, mortgage foreclosure is debt collection under the FDCPA”. Further, the Court held that an attorney who meets the general definition of a debt collector “must comply with the FDCPA when engaged in mortgage foreclosure. And a lawyer can satisfy that definition if his principal business purpose is mortgage foreclosure or if he ‘regularly’ performs this function.”

Here’s what a typical foreclosure timeline may look like (the length of time varies per case):