What is Foreclosure in North Las Vegas, Nevada?

Find the right Foreclosure Bankruptcy attorney in North Las Vegas, NV

Foreclosure is a judicial procedure 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 North Las Vegas, Nevada. Foreclosure usually results in the property being sold in an auction. Banks usually want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the simplest 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 supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In numerous 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 debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in North Las Vegas, Nevada to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Nevada?

Most importantly, you must not dismiss 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 honest with them. It is necessary to remember that banks don't really want to own homes in North Las Vegas. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A North Las Vegas, Nevada Attorney Help?

If you are facing foreclosure, a good North Las Vegas, Nevada real estate lawyer can help. While keeping your home might not always be possible, an attorney 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 North Las Vegas

North Las Vegas is "Your Community of Choice" located in the southwest Mojave Desert. Just north of the town of Sunrise Manor and Las Vegas, North Las Vegas is home to 120,000 Nevada State residents.

Many North Las Vegas residents work in the hospitality and leisure services in Las Vegas but a number of outstanding lawyers also live there. North Las Vegas lawyers advise on a wide range of cases.

One major employer in the city is the Nevada Department of Corrections. The Florence McClure Women's Correctional Center has been operating from North Las Vegas since 1997 and houses over 2,500 inmates since its expansion in 2009. North Las Vegas enjoys a relatively low crime rate that attracts a number of families. The area also has a good school district and lower property prices attracting young professionals who have relocated to North Las Vegas for business.

Residents of North Las Vegas have access to many local shopping malls and centers of commerce. I-15 and CC-215 are easy highways for commuting. The North Las Vegas Airport, formerly the Sky Haven Airport, is home to sightseeing airline Vision Airlines that offers areal tours of the city and desert.

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