What is Foreclosure in Henderson, Nevada?

Find the right Foreclosure Bankruptcy attorney in Henderson, NV

Foreclosure is a legal process allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Henderson, Nevada. Foreclosure typically results in the property being sold in an auction. Banks typically want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the easiest way to do this.

In all states in the U.S., including Nevada, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Henderson, Nevada to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Nevada?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is essential to remember that the bank does not really want your Henderson house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A Henderson, Nevada Attorney Help?

If you are facing foreclosure, a good Henderson, Nevada real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Henderson

Henderson, Nevada proves that there is much more to Vegas than flashy shows, casinos, and night clubs. The Water Street District is a very popular attraction that is a favorite of many because it is home to wonderful art galleries, shops, special shows, and a weekly fresh farmers market. This attraction is known for hosting wonderful events that brings the Henderson community together.

Strolling along the water on a Lake Mead Cruise allows a person to enjoy the "lights and shine" of Vegas while on the water! Who ever thought Vegas had a peaceful side? Well it definitely does. Alongside the Lake Mead Cruises is the historical attraction the Hoover Dam. The Hoover Dam is known as a civil engineering wonder that allows people to experience the serenity that nature has to offer.

Other popular attractions include the Lake Mead National Recreation Area National Park, the Nevada Vintage Race Car Museum, Loews Lake, and Veteran's Wall. Additionally, kids can enjoy ice skating at The Village Ice Rink at Lake Las Vegas, or take a tour of MM World! All in all, Henderson proves to have something for everyone to enjoy.

Moreover, Henderson is home to many mid-size and small law firms. Attorneys in Henderson are able to give their clients' legal needs personalized attention and provide them with the best legal service.

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