Here's a common situation faced by Nevadans: a second mortgage that they haven't heard from in years comes out of nowhere and begins foreclosure proceedings on their home. They are current on their first mortgage, and haven't gotten so much as a mortgage statement from their second in years. In many cases, homeowners were advised their second mortgage was "charged off." In any event, some unscrupulous default bank has purchased their second and begins to foreclose. The notices and letters they receive say they owe nearly twice as much as the original loan amount. Now what?
There are many things a homeowner can do to prevent foreclosure in this situation. The first is to meet with an experience attorney to assist the homeowner with the foreclosure mediation process. In many cases, the attorney can negotiate the loan in mediation. However, even after the mediation process is completed, the homeowner has a number of other avenues to pursue the banks and lenders for "disappearing" for many years. The lender's failure to keep a homeowner informed of the status of their loan is a violation of both Federal and Nevada law. Nevada's Lawyers can help you in obtaining cash from your lender for their violations, and reducing or in some cases eliminating the amounts owed under your second loan. Don't let default bankers push you out of your home, contact us today.
