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Owners of Foreclosed and Repossession Homes Opted to Walk Away

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By : John Cutts    99 or more times read
A big number of foreclosed and repossession homes in Nevada reportedly belongs to former owners who have the capacity to pay their mortgages, but have opted to abandon their properties instead. According to the Nevada Association of Realtors, around one fourth of homeowners have turned their backs on their properties despite having the means to meet their loan obligations.

A study conducted by the association reveals that as much as 23% of Las Vegas distressed properties and foreclosed homes all around Nevada were owned by people who made the conscious decision to leave their dwellings instead of continuing to pay their loans. Majority of them have revealed that they did so because they got advice from other people that a strategic default will benefit them more financially.

Meanwhile, a survey showed that a big percentage of troubled homeowners are not even aware that there are state and federal programs designed to provide assistance to people facing foreclosures. This is largely true among owners of Nevada distressed homes, local industry analysts have revealed.

With these facts in mind, the Nevada Association of Realtors has revealed that it is planning to use its study to aid homeowners, lawmakers and the industry in dealing with issues related to foreclosures and repossession homes. The association has also stated that, aside from homeowners' lack of knowledge about assistance programs, there is also the problem of disconnect between what the homeowners need and what programs are available to them.

Another survey showed that over 60% of homeowners who lost their properties to foreclosure or list of distressed homes have admitted that they have never heard of the existence of federal programs aimed at troubled homeowners. The same survey also showed that only 3% of Nevada residents have taken advantage of the state mediation program and have benefited from it in some way or another.

The results of the association's study, along with a number of surveys, have surprised most residential property industry analysts. According to them, the state should have been aware of the lack of knowledge among homeowners who are about to lose their properties to foreclosures or repossession homes. They argued that steps should have been taken to advertise the programs better.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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