The Nevada’s Foreclosure Mediation Program requires that lenders meet with homeowners before foreclosing a primary residence. In the presence of a licensed mediator, alternative resolutions are discussed during this meeting, including short sales and loan modification in Las Vegas.
The meeting is an attempt to bring both parties together under the supervision of an impartial authority to find a way that home foreclosure can be prevented. Desperate, homeowners in financial distress often do not realize that they have other, less drastic options that can help them regain control over their finances, and allow them to keep their property.
Advantages of Home Loan Modification
- Favorable interest rates – One of the perks borrowers receive during a home loan modification is that the interest rates are lowered to make the payments more affordable. The rate reduction is different for each case and depends on the agreement made with the lender.
- Reduced monthly payments – Because the interest rate is lower on all the moneys you owe, and the term period is stretched out, you will actually pay less every month.
- Extended term – The lender will be lenient on the time you get to pay him back. Yes, you will have to pay much longer to be debt-free again, but in the meantime life will be a lot easier.
- Partial or full deferred payment – A loan modification in Las Vegas can be quite beneficial to help you keep, for instance, your utility account in good standing. All moneys that are past due will be spread out over the repayment period. There no longer will be an outstanding balance.
- Peace of mind – Constantly looking over your shoulder to avoid bill collectors and collection agencies is a tough way to live. Once you have modified your loan, and you keep up with the monthly payments, nobody will harass you by phone, mail or email. Isn’t that worth a loan modification application?