May I be evicted after my home is sold at a foreclosure sale? Yes. For more information go toEviction Following Foreclosure on the Clark County Courts’ Civil Law Self-Help Center website
Click here to see the Supreme Court's information on the new Foreclosusre Mediation Program. To view the class schedule of the free Foreclosure Mediation Class, look at the calendar on the right of this website. Download a copy of the manual here.
Recession Rx
PBS is doing a 13 week series about the ongoing recession in Las Vegas. Click here to watch the episodes.
Concerned About Losing Your Home?
Beware!
If you are facing foreclosure, beware of scammers! Generally, you do not need to pay anyone to seek a loan modification for you. You should be very suspicious if someone knocks on your door telling you that they can save your home. You can do it yourself, or there are organizations that will do this for free. Our non-profit partner Consumer Credit Counseling Service (702-364-0344) works with homeowners to help modify their mortgages for free, regardless of income.
Be aware, that scammers monitor the recorder’s website to find out who is facing foreclosure. Then they approach the homeowner with promises of help. They make their papers look very official so be skeptical, especially if they ask for money.
Alarms should go off in your head if someone says they can save your home by transferring ownership. Don’t ever deed your house over to someone. Don’t ever sign a quitclaim deed.
What Can You Do?
Don't wait. If the process has progressed too far, it may be too late to stop foreclosure of your home.
1. Call your lender and ask for assistance. Most lenders have programs where they work with homeowners to modify loans. Start early because it may take several weeks to process a request.
2. If you do receive a notice of default, you can request mandatory mediation under AB 149 which will require your lender to sit down with you and discuss modification options.
3. Be patient and understanding, because lenders are busy during this financial crisis. And always remember, that most people at the lender are just doing their jobs but will help you if they can.
5. The Money Matters site maintained by the Federal Trade Commissionoffers short, practical tips and links to helpful resources under Your Home. Topics include: mortgage payments, foreclosure rescue scams, reverse mortgages and mortgage servicing.
If you want to know more about the Obama Plan that aids
homeowners you can visit the government website
financialstability.gov. You can determine whether you might qualify
under the Obama plan if your lender has chosen to participate.
The Foreclosure Process
Nevada is a non-judicial foreclosure state. That means that your lender does not have to go to court to foreclose on your mortgage. The first flow chart below explains how the foreclosure process works. The second flow charts describes the process used when the borrower requests mediation under AB 149 (2009).
ARE YOU RENTING A RESIDENCE WHICH IS BEING FORECLOSED UPON?
Under former Nevada state law, if you were renting a dwelling unit which is foreclosed upon, you could be served with a notice requiring you to leave within 3 days or face eviction. Effective 5/20/09, a new federal law grants you important new rights. On that day, President Obama signed the Helping Families Save Their Homes Act of 2009, S. 896, P.L. 111-22. This bill includes a nationwide 90 day pre-eviction notice requirement for tenants in foreclosed properties. Moreover, a new Nevada law, AB 140 (2009) which took effect on 10-1-09, gives you additional important protections. For more information go toEviction Following Foreclosure on the Clark County Courts’ Civil Law Self-Help Center website
