Behind In Payments?
Facing Foreclosure?

Facing foreclosure can be a dramatic, stressful situation – both financially and emotionally. But time is your enemy, so don’t let fear, embarrassment, pride, or uncertainty keep you from seeking help and finding the best solution as quickly as possible.

My mission is to provide you with solid information so you have the knowledge to select the best solution. I can help relieve the stress and anxiety, give you hope, and help you keep your dignity. I want you to be aware of and explore all the options available to you. Best of all, there is never any charge or obligation for the help I provide.

Our motto is simple:

Help People, Find Solutions!

The foreclosure process and solutions can seem complicated, and that is how I can help. I offer a no obligation consultation to review your situation and available solutions. I NEVER charge any money to help you, and you should beware of anyone that does try to get money from you.

You may be thinking, “Hey, wait a minute, why would you do all this without being paid?” Good question, and let me give you a straight answer. First off, I believe that in life you win by helping others. If I can help you by providing solid, reliable information, that is a good thing. In fact, most of the time providing information to help others out of a bad situation is what I do for people.

However, sometimes people are in a situation where the only real option is to sell their home – and sell it quickly. I specialize in buying homes FAST, giving people CASH for their home within days so they can save their credit and have money for a fresh start. I try to earn a fair profit when I do buy a property.

Here is a brief description of the process and options to be familiar with if you are facing foreclosure or behind in your house payments.

The Foreclosure Process In Nevada

People find themselves in foreclosure for many different reasons. It is often good people who have just been hit with bad situations. Regardless of what caused them to be facing foreclosure, if they don’t take the proper action QUICKLY, they lose their house, get no money, have a foreclosure on their credit report for the next 10 years, and get evicted from the property! And if that isn't enough, the lender could still come after them for money with a deficiency judgment if the lender ends up losing money on the loan after the foreclosure.

There are two types of foreclosure processes, judicial and non-judicial. In Nevada virtually all foreclosures are non-judicial. This means that in Nevada, no lawsuit or court case is required for the bank to take your house and deprive you of all rights, title, and interest in the property. This is because your mortgage contains a “power of sale” clause that gives the lender the right to foreclose and take over the property if you fall behind in the payments.

The bank simply files a Notice Of Default, and the process begins and the clock starts ticking. Once they file the NOD, there are reinstatement, redemption, and publication periods, and then a Trustee Sale where the property either goes back to the bank, or is sold to the highest bidder. The process can take less than 100 days.

YOUR OPTIONS

Option 1: DO NOTHING

You may think it strange that this is listed as an option, but this is exactly what many homeowners facing foreclosure do. They bury their head in the sand in denial and try to pretend that the whole ugly situation will just magically go away. BIG MISTAKE! The problem does NOT go away, it only gets worse. And they end up losing their home and literally get kicked out in the street without a penny from their home – and also have a nasty foreclosure on their record for many years to come. Do not make this mistake!

Advantages: None, except that no effort is required. You don’t have to do anything but wait to get evicted from your home.

Drawbacks: You lose your home, get no money, get kicked out, and have a foreclosure on your record.

Option 2 – REINSTATE THE LOAN

Naturally, the fastest and most obvious way to stop the foreclosure action is to simply pay the loan current. The amount required to do this will vary depending on how far along the process has gone, but it can include all the back payments with principal and interest, late fees, plus foreclosure related costs such as trustee and attorney fees.

Advantages: Fast, simple, stops the foreclosure immediately and gets you back on track.

Drawbacks: You must be able to come up with all the money!

Option 3 - FORBEARANCE AGREEMENT

If you fall behind in your house payments, the very first step you should take is to contact your lender. Contrary to what you might think, the lender does NOT want to foreclose on your loan. Of course they will if they have to, but they would much rather work things out with you if possible.

One of the things you may be able to get the lender to do is called a forbearance. There are various forms of forbearance, but typically the lender will voluntarily accept payments that are lower than originally agreed in the loan documents for a limited period of time in order to allow the borrower to recover financially. The borrower must still repay the missing or reduced payments, as well as all the other remaining payments on the loan.

Advantages: If you had a temporary setback like an emergency expense or temporary job loss, and can get the bank to agree to do a forbearance, this can be a great way to solve the problem.

Drawbacks: The lender may require you to qualify. You still must make arrangements to repay and bring all the past due payments current, and you will need the money to continue making the payments. If you do not make the agreed upon payments, the lender will almost certainly move quickly to foreclose on your loan.

I can assist you with getting in contact with the proper people, and help you with what to say and do. Call me at (702) 243-2443.

Option 4 - LOAN MODIFICATION

In some cases, the lender will agree to halt the foreclosure and modify the loan. This is a procedure in which the loan's terms, such as the interest rate, length in years, and monthly payment are changed. The lender may add the back payments on top of the loan and re-amortize it with a higher payment. However, if your loan has been packaged and sold on the secondary market as most mortgages are, the company servicing your loan may not have the ability to modify it.

Advantages: If you can get the lender to do it, this may be a great way to solve the problem.

Drawbacks: The lender may require you to qualify, and the guidelines may be strict. This is typically not as easy as getting a forbearance. You must have the ability to make the payments and keep them current.

I can provide you with more information on how to get a loan modification. Call me now at (702) 243-2443, or CLICK HERE to contact me via email.

Option 5 - REFINANCE

You can stop the foreclosure by getting a new loan in an amount large enough to pay off your current loan (or loans) including back payments and other fees. This can be a good option, but you must be careful or you could end up in a worse position than you are now. Think about it... more debt and a higher payment. If you can't afford the home now, how will you afford an even higher payment??

Advantages: If you can qualify for a new loan large enough to cover everything at reasonable terms, this may be a good solution – if you can truly afford it.

Drawbacks: You must qualify for the new loan, and guidelines have become stricter. Since you may have poor credit due to late or missed payments on your mortgage and other bills, this may not be a real option. Even if you do find someone to refinance you it may make your situation WORSE, because if your credit is bad your only option may be a loan with a much higher interest rate and costs than a normal loan. This may end up as just a temporary fix and set you up to lose even more down the road. BEWARE! The government is cracking down on “Predatory Lenders” but there are still thousands of them preying on people in foreclosure. They make a high cost loan that siphons off any equity you may have, and then wait for you to default on the new larger payment so they can foreclose and take your home themselves!

I can help you with what to look for in a lender and loan program, as well as what to watch out for. I can also provide you a list of quality, high integrity mortgage specialists who can assist you in getting a loan. Call me now at (702) 243-2443 or CLICK HERE to contact me via email.

Option 6 - SELL THE HOME THROUGH A REALTOR

The first 5 options allow you to keep your home. If you are unable to utilize any of these first options, or simply want to sell the home and move on, you may be able to sell your home the traditional way by using the services of a Realtor. This may allow you to recover as much equity as possible.

However, remember that time is your enemy if you are facing foreclosure. Homes listed with Realtors can often stay on the market for 90 - 120 days or more before a buyer is found, and it usually takes another 30 days or so for the buyer to get a loan approved and close the deal. Since the foreclosure process can be as short as 92 days in Nevada, you simply may not have time for this option.

If you do list with a Realtor, make sure to have the Realtor exclude Mark McKee from the listing so I can jump in and save you if necessary!

Advantages: If you are early in the foreclosure process, can get a buyer quickly, and close the sale before you lose your home to the foreclosure, this may be a good solution for you.

Drawbacks: The biggest drawback is TIME. Unless you are early in the foreclosure process, it is unlikely that you will be able to get a sale and close the deal in time. And remember that even if you do find a buyer willing to buy your home, there are numerous things that can go wrong and cause the sale to fall apart at the last minute, including the buyer not qualifying for a loan.

Option 7 - SELL THE HOME TO ME

You may be close to the foreclosure sale date, or in a situation where you just simply need to sell your home FAST and move on with a fresh start. This is where I can step in and save the day. I specialize in buying houses fast, usually getting you CASH for your home within days. Remember, if your property goes to the foreclosure auction you will get no money and be forced out of the home. Also be aware that the lender could still come after you for money with a deficiency judgment if they end up losing money on the loan after the foreclosure.

Advantages: You get cash in your pocket for your home FAST, with no hassles. You can move on with your life with a fresh start. I pay your loan current and stop the foreclosure, so you DO NOT have a foreclosure on your record! You do not get forcefully removed from your home. Your friends and neighbors don’t know anything other than that you sold your house. The move out date can be flexible.

When I agree to buy your home, it is a for sure, guaranteed sale with no contingencies. I buy the home in “as is” condition, you do not need to make any repairs. You don’t have to deal with strangers trampling through your home. There are no agents or commissions to pay. I handle all the paperwork & details, and custom tailor each transaction to suit your needs.

I have the cash to close fast, usually within just days. Beware of other so called investors who have to go find the money from someone else – they can tie up your home until it is too late and then walk away. I am a local investor who has lived here in Las Vegas for over 2 decades. My record of honesty, integrity, and performance speaks for itself. Bottom line: A deal with me is a done deal you can count on.

Drawbacks: The offer price depends on a variety of factors, but typically you agree to a price lower than retail. Since I have the costs of buying, repairing if necessary, holding, and either renting or selling the property, plus have to put out the cash to buy your home fast, I can not pay full retail for the house. I offer the convenience of a fast guaranteed sale. It is like when you trade your car in at a dealership you get less than you might otherwise be able to sell the car for, but the convenience and ability to just drive away in a new car can make it attractive to just trade the car in.

Call me now at (702) 243-2443, or CLICK HERE for a no obligation offer on your home today.

Option 8 - DEED-IN-LIEU OF FORECLOSURE

A deed in lieu of foreclosure is an agreement negotiated with the lender where you voluntarily deed the house back to the lender. You basically give the house back to the lender and walk away.

Advantages: In some situations this may be a viable option if you can get the lender to agree to it.

Drawbacks: The lender does not have to agree to accept a deed in lieu, and in many cases they will not. You get no money for your house and must move out. This will still show up on your credit report and is looked upon much the same as a foreclosure. You may also end up receiving a 1099 for any forgiven debt and incur a tax burden. There are usually smarter things to do.

Option 9 - FILE BANKRUPTCY

This is listed as the last option because it is usually the WORST choice you can make, and will most likely end up compounding your problems in the long run.

People facing foreclosure often believe that filing bankruptcy will solve their problems, but in virtually all cases this is simply not true. When you file for bankruptcy, the lender will almost certainly send their high-powered attorneys in to petition the court for a “relief of stay” which will allow the lender to move forward with the foreclosure. Even if the request for relief of stay is not granted, the court can order your home sold to pay off your debts. You must also realize that when you file bankruptcy, you are no longer the one making the decisions – a court appointed trustee does. So you lose control of the situation.

While there are many honest and ethical attorneys, there are some that just want to make their fee for filing the bankruptcy, and have little regard for the devastation it can cause you for many years to come. I typically DO NOT recommend bankruptcy because there are almost always better options available. However, if you are considering it, call me for a list of questions you must ask an attorney before filing bankruptcy.

Advantages: Buys you some extra time by putting a temporary stop to the foreclosure.

Drawbacks: It will cost you money up front to pay the attorney. And the end result will most likely be that you end up losing your house, receive no money, and get forced out. You will then end up with both a foreclosure AND a bankruptcy on your record, which will cause you big problems for many years to come.

SUMMARY

Time is your number one enemy when facing foreclosure, as the clock keeps ticking. You must take action quickly, or you will lose your house, get kicked out, and ruin your credit for many years to come.

Simply call me now at (702) 243-2443, or CLICK HERE and fill out the brief form for a FREE, NO OBLIGATION CONSULTATION. I will examine your situation and go over your options and help you find the best solution for your circumstances. I will show you the biggest mistakes to avoid, and help you develop a solid plan. I can show you how the banks really work, and what to say to your lender to work out the best arrangement possible.

Selling your home may or may not be the best option for you, but if you need a fast sale, I can get you CASH for your home, usually within days.

NOTE: The preceding is provided for informational purposes only and should not be considered legal advice. I am not an attorney and do not provide legal advice. If desired, you are encouraged to seek legal advice from an attorney regarding your situation.