What Are Alternatives To Foreclosure?
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, buying the homeowner more time in their home.
Some alternatives to foreclosure that may be presented in foreclosure mediation may include:
- Reinstate your mortgage
Making up all missed payments and fees to settle the debt
A temporary pause on mortgage payments owed
- Short Sale
Arranging a sale of your home for less than what is owed on the mortgage
- Loan Modification
Modifying the interest rate, length of the loan, or other factors that could lower your monthly payment
- Repayment Plan
To account for missed payments and regular payments within a specified timeline
- Deed in Lieu of Foreclosure
Passing the deed of the home over to the lender to sell
Refinance at a better rate to pay off the old loan and start a new one
- File for Bankruptcy
Liquidating or refinancing other assets to pay off mortgage debt
This list is merely commonly used alternatives, but in no way covers all possible ways of avoiding a foreclosure in Nevada or elsewhere. The best way to weigh all potential options in avoiding a foreclosure is to enlist the help of a Foreclosure Defense attorney and together participate in Nevada Foreclosure Mediation.
To discuss your particular situation, contact our office to speak with an experienced Foreclosure Defense attorney. Set up a meeting by calling (702) 998-1188, emailing email@example.com, or scheduling a consultation online.