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Latest Efforts Find Foreclosure Listings Getting Shorter in NV

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By : John Cutts    99 or more times read
For homebuyers who wish to find foreclosure listings with the widest array of choices, Nevada will be a likely option. The state ranks among states with the highest rates of foreclosure activities in the whole U.S. Because of this, the housing market of the area has suffered tremendously and more homeowners are ending up losing their properties to foreclosures each month.

However, Nevada's repossession houses list might soon get shorter as the latest program launched by the state seemed to be producing significant results. The program, called Nevada Foreclosure Mediation, aims to bring troubled homeowners and lenders together to negotiate an alternative to foreclosure.

The latest statistics showed that over 90,000 property owners in the state, including residents of fixer upper homes for sale, have received default notices in 2010. Among these homeowners facing potential foreclosure, 11,000 signed up for the Nevada Foreclosure Mediation effort. So far, 4,000 households enrolled in the program are able to retain their properties.

The law that established the program was approved in 2009, the year when foreclosures in Nevada started to reach a number that pushed the state towards the top of the ranking of areas with the highest foreclosure rates. Local officials have stated that the program is expected to achieve greater success in the coming months as long as mortgage lenders are willing to negotiate with their borrowers.

Officials and homeowners are hoping that this expectation will prove to be true and that they will soon find foreclosure listings getting shorter in the area. According to program officials, the primary role of the mediation effort is to provide a platform for both borrower and lender to come up with a mutually agreeable term that can help prevent foreclosure.

They also added that the program works because Nevada has a law in place that will not allow lenders to refuse to participate should the borrower decide to use mediation to address the problem. For those lenders who decide not to negotiate, they will not be allowed to foreclose on the property.

Although Nevada is one place where people can find foreclosure listings with thousands of entries, local officials and residents are optimistic that the latest program will make a significant impact and will help lower foreclosure rates in the area in the coming months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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