Las Vegas Homeowners Still Struggling to Keep Their Homes after Housing Crash

by San Antonio Attorney

Some Las Vegas residents are still having a hard time keeping their homes, despite improvement in the real estate market.

They are homeowners who are coping with problems that remain from the housing crash that happened eight years ago or people who are dealing with it for the first time.

When facing foreclosure, it is important to be well-informed about the terminologies, phrases, and how to overcome it because the process can be overwhelming.

A report from Realty Trac shows that there are over 8,000 homes under the foreclosure process and Las Vegas is one of the metro areas with the highest foreclosure listing.

Though the problem has gotten better in the state, which was one of the most affected states by the crisis, many families are still in unsettled.

Assistance for struggling homeowners that were available five to 10 years ago are coming to an end.  Now they have to make more payments.  In addition, some programs giving aid will cease this year.

Foreclosure allows a mortgage lender to sell your home to pay back the loan.  If you have unpaid mortgage, the lender may move forward with foreclosure if you do not update your payments within a specified timeframe — typically 30 days.

Right after you get a foreclosure notice, you should consider hiring a San Antonio Foreclosure Attorney—especially if you intend to keep your home.  Your attorney will have little time to try to stop the foreclosure the proceeding.  If you wait a long time to hire a lawyer, you could miss a deadline.

 

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