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Time Running out on Bailout Plan for Nevada Foreclosures

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By : Leticia Carvalho    99 or more times read
Time is running out for 2.2% of Nevada’s homeowners who are in peril of losing homes to foreclosures. This equates to several thousands of possible foreclosure homes with ongoing eviction processes expecting completion within days, weeks and months.

With this looming threat, distressed homeowners became more frustrated when they have not yet received a concrete bailout plan from a government briefing with the Las Vegas City Council members regarding this crisis on foreclosures. Thousands of beleaguered homeowners watch helplessly as delinquent payments pile up for months especially those with adjusted mortgage rates. Fear and tension permeates the air as the much publicized government bail out plan may come in too late.

Nevada homeowners, in a race against time, are seeking all means in getting financiers to bail them out from foreclosures. Mortgage companies can do nothing in this area except give advice to owners to sell their homes. This may not be a very good idea. With the current financial crises, home prices have plummeted to record low levels. Homes that were bought for $200,000 have lost much of their market value and can only be sold at half the price.

The Consumer Credit Counseling Services (CCCS) of Nevada, a non-profit agency, are trying ways to support homeowners facing this crisis by helping them explore possible options and solutions to avoid foreclosed homes. However, they made it clear that financial support to individuals and families may not happen. All they could do is to provide guidelines and educate homeowners on how to deal with this problem.

With the amount of homeowners facing foreclosures and are desperate to get help, the CCCS and other non-profit counseling agencies are swamped with requests for services which are more than they can handle efficiently. With the volume of free services demand, appointments with counselor may take up to four weeks before they can be served. There may not be enough time to handle all consumers, and some may end up finally losing their homes.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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