Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

About the US government “Making Home Affordable” initiative, and loan modification in Las Vegas, Nevada Part one

The US congress has passed a bill that allows bankruptcy judges to modify the term of the mortgage for owner occupied homes and condos. Bankruptcy Judges already have the authority to modify mortgage terms on farms, vacation homes and rental properties, but not homes occupied by owners. This provision includes cutting the principal of the loan as well as reducing interest or adding to the length of the loan. If the US Senate passes this bill, it will be the first bill that may have a real effect on the foreclosure mess and help Las Vegas for once.

Free loan modification in Las Vegas, Nevada

As I wrote in the last blog

It is illegal to ask for upfront money to do loan modification in Nevada, and do not pay upfront money for loan modification. Now, it is time for charitable organizations that can help you with loan modification for free:

Neighborhood Housing Services of Southern Nevada Inc

Irma Williams, NHS Foreclosure Counselor 702-649-0998. She is a great lady who is doing her best to help distressed home owners. But she is slammed and way behind, so please be extra nice, patient and persistent. Irma and the other counselors there truly care about you and are working their heart out every day.

Neighborhood Housing Services has trained foreclosure counselors who can help you. They may have access to emergency assistance funds to help bring your mortgage current. They work regularly with lenders to refinance or restructure your current loan to a lower fixed rate.

The following is from the NHS flyer:

“Neighborhood Housing Services of Southern Nevada offers the following foreclosure intervention programs:

1. Pre-Foreclosure Counseling-Provided to homeowners who are facing financial hardship and may not be able to stay current on their mortgage payments. We look at all options available to help the homeowner stay on track.
2. Loss Mitigation Counseling-Our Foreclosure Counselors work with the homeowners & lender to create a practical solution, refinancing or work out a plan to avoid foreclosure proceedings.
3. Emergency Foreclosure Prevention Funds-A low interest loan to bring mortgage payments current may be available to homeowners behind due to medical illness or job loss.”

The other organization is Consumer Credit Counseling Service and their phone number is (702) 364-0344. Consumer Credit Counseling Service offers similar services to NHS and I will not repeat it. So if you are a distressed Las Vegas, North Las Vegas or Henderson home owner, call these guys first and for goodness sake, do some research before paying an unknown person or organization thousands of dollars for an uncertain outcome. Didn’t trusting people you shouldn’t have trusted and not reading contracts get you in this mess to begin with?

Again: It is illegal to charge upfront money to do loan modification in Nevada. By the way I get a ton of e-mails from loan modification outfits for links or referral for a good commission, my answer is always no. This is not my kind of money.

Related web-site links: Las Vegas homes, condos, land and commercial real estate for sale