Foreclosure mediation update: Is the government really “Making Homes Affordable”?
The number of Americans facing foreclosure–and no doubt Las Vegas residents as well–increased again in June. In response to the foreclosure crisis, our government launched the “Making Homes Affordable Program” a few months ago.
The program is intended to encourage loan modifications by giving mortgage lenders some incentives and also by providing loan counselors. However, the program seems to be off to a bit of a rocky start, according to a recent piece on the radio program Marketplace Money (produced by American Public Media).
In theory, the mortgage lenders should be incentivized to to negotiate loan modifications that enable homeowners to avoid foreclosure and continue to make mortgage payments to some extent. However, mortgage lenders are overwhelmed right now. And the loan counselors, while well intended, are also overwhelmed. The reality is that, while some people may have benefited from the program, many more have not been able to benefit.
That’s why the new Nevada foreclosure mediation program is such an important tool to help stop foreclosure Las Vegas.
Under the Making Homes Affordable program, individuals can contact a loan counselor. But the loan counselor is at the mercy of the big, bureaucratic mortgage companies. Their challenge is getting a real, live person on the phone who has the authority to negotiate a loan modification.
On the other hand, the Nevada foreclosure mediation program brings the mortgage company to the table. It enables homeowners facing foreclosure to require their mortgage lender to attend a foreclosure mediation session. That means you and your lawyer meet in a room with a representative from your mortgage lender plus a neutral, trained foreclosure mediation expert.
Las Vegas residents now have a tool that most other Americans do not yet have. To gain the full benefit of this new program, it’s important to have good bankruptcy attorneys in Las Vegas whom you trust and who can answer all your questions.
Get in touch with Freedom Law Firm for a free initial foreclosure mediation consultation to learn about new bankruptcy laws Las Vegas. We can also help you if you’re thinking of filing for bankruptcy in Las Vegas. But we’d really prefer to help you avoid bankruptcy and avoid foreclosure.