Gene Perez Your Real Estate Consultant, Santa Maria Homes: Don't Rush To Move Even If You're Facing Foreclosure In Your Las Vegas Home

Don't Rush To Move Even If You're Facing Foreclosure In Your Las Vegas Home

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http://livinglies.wordpress.com/in-trouble-right-now-press-here/foreclosure-defense-and-offense-the-evolving-audit-process/

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Here are some links that can provide information to fight a foreclosure as well intereact with others going through the same thing

Via Yonas Woldu Greater Las Vegas Real Estate (N&Y Team, Prudential Americana Group, Realtors):

houseWith foreclosure rates increasing across the nation and here in the Las Vegas valley, more and more homeowners are receiving notices for the sheriff's sale.  The conventional advice from legal experts has been to immediately pack up and move, but that is changing.  Recently, we've been seeing a new phenomenon coined "bank walkaways," when the bank begins the foreclosure process, then walks away with no word or explanation, leaving the homeowners wondering what happens next.  And legal experts aren't sure, either.

Today, if a homeowner leaves after getting a foreclosure notice and the bank fails to finish the foreclosure, the homeowner opens themselves up to being sued by the city for failing to maintain the abandoned property.  After all, the home is still in their name.  In some cases, water pipes have burst in abandoned homes, creating a flooded basement, water damage, and potential toxic exposure to mold both inside the home and within the neighborhood.  If the homeowner had stayed, damage could have been avoided to the property, and the neighbors would be spared from their property values deteriorating further.

In addition, leaving before the bank really owns the home can open the homeowner up to several other problems.  These can include: 

•     a restarted foreclosure process months or years later (after it was assumed things were settled)

•     a sold mortgage and a new, more agressive debt collection service coming after the homeowner

•     possible legal issues related to taxes, fines, upkeep, code violations, repairs or even demolition costs. 

What should a homeowner do if they're facing foreclosure?  More experts are advising that they stay in the home, even if they aren't paying their mortgage.  While it is still unclear what legal tangles bank walkaways will create, the additional problems homeowners might face if they abandon the property could make the nightmare even worse.  In the short term, people will be living in their home without having to pay - in some cases, homeowners will go for a year or more with no one asking for money.  If possible, homeowners should be putting away what would have been their monthly mortgage payment in a bank account each month and leaving it there.  It could be used in future loan modification negotiations with the mortgage company if it reappears, or as a security deposit on a rental, if people have to move quickly.

Have foreclosure questions?  Give me, Yonas Woldu a call - I'm your real estate expert in the Las Vegas valley!  Also visit my Vegas Real Property website and the new AskYonas website.  For more information on Nevada foreclosure laws, you can also read this online article, and visit RealtyTrac.com to find out what to expect if you're facing foreclosure on your home. 

0 commentsGene perez • October 30 2009 03:13PM

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