What options do I have if I'm facing foreclosure?

If you are facing foreclosure in Nevada, it is important to understand your rights and options so that you can take the best possible action to protect yourself and your property. First of all, you are entitled to a written notice from your lender informing you that foreclosure is being considered. At this point, you should contact your lender to negotiate an alternate way to pay back the debt. This could include paying off the arrears in full, or setting up a repayment plan. Your lender may even be willing to agree to a loan modification. If your lender is unwilling to negotiate, you can consider a short sale. This involves selling the house and providing the lender with the proceeds of the sale while allowing the lender to forgive the remaining balance of the loan. You may also seek help from a HUD-approved housing counsellor who can advise you on the best way to move forward with your situation. A counsellor may also be able to negotiate on your behalf or connect you to other assistance programs. Finally, you can file for bankruptcy which could provide some protection against foreclosure. Bankruptcy will stay on your credit report for seven to ten years, however, and will also affect your ability to get credit in the future. No matter what option you choose, it is important to act quickly and seek legal advice to ensure that you are making the right decision for your situation.

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What options do I have if I'm facing foreclosure?

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