Inquiring about legal fees is a reasonable question for anybody to ask who is experiencing legal issues and needs to hire an attorney. Unfortunately, there is no one sticker price for an attorney. It depends on your case, the complexity of your case, whether or not the attorney is billing by the hour or the attorney is doing a flat fee rate. There are a lot of combinations of things that can determine the price of your particular situation. According to the courts, a lawyers’ fees must be “reasonable.” Now “reasonable” is a very vague term and many different people.

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A loan modification is an option for those faced with a possible foreclosure. Rather than have you continue to fall behind on payments and ultimately end up in foreclosure, lenders allow the option for a loan modification to those truly in need. Once approved for a loan modification, your monthly payments may be reduced to a more affordable amount. While a loan modification is a convenient alternative to foreclosure, it’s not always available to all homeowners. A review must take place after which you will either be approved or denied your request for a loan modification. When submitting an application.

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Luckily for residents of Nevada, those facing foreclosure in the state have an opportunity to avoid it through mediation programs specifically designed for those facing foreclosure. While the mediation programs are optional, all Nevada residents are qualified to participate by law. A foreclosure mediation essentially gives the homeowner or “borrower” and the lender a chance to present different options of settling the mortgage payments as a means of avoiding the foreclosure altogether. While it’s not guaranteed that a foreclosure will be avoided through mediation, it is strongly recommended as a way of clearly identifying all alternatives and, if nothing else,.

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Falling behind on mortgage payments can be a difficult situation, but it doesn’t always have to lead to foreclosure. After a few missed payments, you will likely be notified by your lender with a reminder of your balance, as well as a notice of any incurred late fees. What if you don’t currently have the cash to resolve your balance, now what? The first instinct most have at this point is to ignore these notices and just continue attempt to catch up on payments as best they can. Stop right there. The worst thing you can do when faced with.

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Falling behind on mortgage payments tends to make homeowners fear the worst and wonder “Will I get kicked out of my home?!” While all foreclosure situations are different, the simplest answer is no. The foreclosure and pre-foreclosure process in Nevada offers homeowners many opportunities to avoid defaulting on their mortgage and losing their home. After Missed Mortgage Payments/Pre-Foreclosure Before a foreclosure is even issued, the homeowner has 120 days after a missed payment to discuss loss mitigation and foreclosure mediation options with a knowledgeable attorney. At this point, despite having missed several mortgage payments, an experienced attorney can still help.

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An average foreclosure will take about two years from start to finish, however depending on the individual state laws, some cases may last longer than four years. The guide below will help break down the steps of a foreclosure and how long each portion can typically last. 10-15 days after a missed mortgage payment Once a payment is roughly 15 days past due, the mortgage lender will generally issue a late fee charge to be paid in addition to the scheduled payment. If the bills remain unpaid, reminders will likely be sent via mail, email, or phone call to attempt.

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In a poor economic state, property values can come crashing down. Unfortunately, this leaves many homeowners with homes that are valued at less than what they currently owe on their mortgage. In this situation, homeowners have the option of listing their homes as a short sale. A short sale is essentially as a sale of a home for less than what is owed on the current mortgage, where the seller ends up “short” of repaying their full home loan. In order to follow through with a short sale, the seller needs to be approved by their bank or mortgage lender..

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A foreclosure happens when, for whatever reason, a homeowner is unable to continue paying off their home loan. Deciding to enter foreclosure is rarely voluntary, however can often result from loss of income, excessive debt, unexpected expenses, or divorce. A Foreclosure is the process of forfeiting a mortgaged property after failing to pay the remaining balance. In the state of Nevada, the steps of foreclosure cannot begin until 120 days after a missed payment. This grace period allows for the homeowner to review their options with a foreclosure attorney and discuss the possible foreclosure alternatives such as a loan modification.

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