Thanks to the Las Vegas housing bust, Nevada once again has topped RealityTrac’s quarterly report for having the the highest rate of foreclosures in the U.S. at 1 out of every 23 homes.

The Nevada foreclosure situation is of course not being helped by a 13% unemployment rate in the state along with declining population overall, according to a recent article in Bloomberg.

This means continued trouble for homeowners in our Las Vegas community.  And it means that, barring significant government help, the best option for homeowners to have any chance of keeping their homes is Chapter 13 bankruptcy or a loan modification (aided by Nevada’s Foreclosure Mediation Program), or a combination of the two.

Of course, none of this helps homeowners who also have lost their jobs, since you generally need some sort of steady income to be able to negotiate a loan modification or set up a Chapter 13 repayment plan.

As a result, there have been some calls for a moratorium on foreclosures for those who are unemployed.  In particular, James H. Carr of the National Community Reinvestment Coalition has been an advocate for this concept.

“We do need to think more carefully about a bridge so people aren’t being kicked out of their homes as they are looking for employment,” Carr was quoted as saying in an October 16 article in the Washington Post.

Whatever happens, it would be best if it happened quickly.  Especially for Las Vegas homeowners.

In the meantime, if you’re worried about foreclosure in Las Vegas and are seeking Las Vegas bankruptcy information, then it makes sense to talk with Las Vegas bankruptcy lawyers to get all of your questions answered.

Contact us for a free initial consultation.  We’ll sit down with you, explain your options and provide the Las Vegas bankruptcy help you need to get back on track with your financial life.