The still large number of Las Vegas foreclosed homes for sale has attracted the attention of the national advocacy association Neighborhood Assistance Corporation of America.
The city of Las Vegas, including neighboring Paradise, topped a survey of foreclosures in the 203 largest metro areas in the country for the first two quarters of this year.
The Las Vegas-Paradise metro area posted almost 59,000 foreclosure filings, representing more than 7 percent of all housing units in the metro area. One out of every 13 households in the area was notified of foreclosure or default in the first two quarters.
Compared to the same two quarters last year, the area's foreclosure rate soared by more than 56 percent.
To address these large number of foreclosure filings and the continued posting of new foreclosures, NACA started a four-day workshop last Friday at the Las Vegas Convention Center to help distressed Las Vegas homeowners save their homes from foreclosure.
NACA expected to help over 40,000 homeowners over the four days it planned to conduct foreclosure prevention sessions to reduce the number of houses entering listings of Las Vegas foreclosed homes for sale.
According to NACA, which conducts foreclosure prevention and housing counseling sessions throughout the country, it has a success rate of 80 percent in helping homeowners work out viable loan modifications with about 90 percent of mortgage lenders.
Typically at the sessions, NACA counselors collect documents and gather information from troubled homeowners, forward papers to the lenders' representatives and then work out an affordable payment scheme the same day.
Based on reports, the Las Vegas event was also attended by homeowners from nearby states like Arizona and California and faraway states like Georgia because they failed to attend events held in their states or they were unable to complete the process.
Bruce Marks, chief executive and founder of NACA, said his organization can help homeowners modify loans more quickly and more efficiently because of the nonprofit's reputation and relationships with mortgage lenders.
The five important documents that must be brought by every distressed homeowner are proof of income, latest two paycheck slips representing 30 days of payment, mortgage insurance, proof of home insurance and latest property tax statement.
According to organizers, many homeowners who lined up at the center on Friday before dawn came from other states. All of them hoped that they can get a loan modification if they can talk in person with lenders' representatives.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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