Foreclosure Information
Q: Why does my mortgage company keep sending my payments back?
A: After you default on your mortgage payments, your mortgage company can not lawfully accept anything less than the full amount due. They are likely to send it back to you, asking for the whole amount.
Q: How much time do I have?
A: It depends on which state, and county your property is located in. It ranges from as little as three weeks from a served legal complaint up to one (1) year. It is imperative to act swiftly to insure that your house is not sold to public auction. Typically in Clark County, Nevada the foreclosure process is approximately 120 days from start to finish.
Q: How do I know that a foreclosure has been filed against my home?
A: Once a trustee hired by your lender files a notice of default on your home at the Clark County Recorders Office, it becomes public record. Usually foreclosure-relief companies stop by your home before the actual “notice of default” is sent to you via certified mail. The trustee has up to two weeks to notify you of your notice of default. Be very careful of foreclosure-relief companies that are not members of the Southern Nevada Better Business Bureau and the Las Vegas Chamber of Commerce. Also, make sure they have state and county business licenses. Many so-called “foreclosure experts” actually work part-time and work out of their home.
Q: I've been trying to get a refinance done for the past year and every single loan company has turned me down. How do I know you are going to be able to come through for me?
A: Depending on your situation, we may not be able to get you refinanced. But what we can do for sure is put you on a plan to help reestablish your credit so you can qualify for bank financing within a year.
Q: Do I need to hire an attorney?
A: Not necessarily. An attorney may pursue a course of action, but will not ultimately solve the problem of home foreclosure. An attorney may represent you in court during bankruptcy proceedings, stall the foreclosure process for up to a year, and/or file a lawsuit against your bank. Foreclosure is a financial issue and a lawyer can’t lend you money or help you refinance your home.
Q: Can I sell my house while in the foreclosure process?
A: Yes, it is your house even up until the day of public auction. All money due to the bank including judgments, liens, foreclosure fees must be paid before any disbursement of money is made payable to you.
Q: I'm thinking about filing for bankruptcy to stop my foreclosure, but I hear it will dramatically affect my credit. What should I do?
A: You are right. Outside of a foreclosure, bankruptcy is the worst thing you can have on your credit report. Bankruptcies stay on your credit for up to 10 years and can prevent you from getting any kind of loan for many years. There are many ways you can keep your house and avoid filing for bankruptcy. Go ahead and Tell us About Yourself or Call New Start Solutions at (702) 531-5566 and let's work on a custom-tailored solution so you can save your credit, keep your house, and re-gain your peace of mind.
Q: What would be the consequences if I end up foreclosing?
A: There are many consequences if you end up foreclosing; first you would end up losing one of your most valued investments, your home. Secondly your credit rating would be severely affected. Foreclosures can stay on your record for up to 10 years; it makes it almost impossible to purchase another home.
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