THE HOUSING MORATORIUM WILL SOON END

The foreclosure moratorium on single family homes in Nevada will soon be lifted. Many homeowners have been on a forbearance plan with their lender for an average of 14 months. What happens next? If you were working during the pandemic and could afford some type of payment, that would have been the time to have negotiated with your loan servicer for a better rate and term. In the midst of Covid-19, the banks were incentivized by the federal and local governments to make a deal. But, if you stuck your head in the sand and prayed that the forbearances would never go away, you made a mistake.

It is still possible to make a deal with your lender, but the primetime for that has long passed. Now that the housing market is red hot and there is a very slim inventory, the banks are more likely to foreclose on you. And it won’t be like what happened in the recession of 2008 where you could sit in your house for a couple of years without paying. At that time there were so many vacant homes that the banks were not in a hurry to force an eviction. Now the time frame will change because homes in Las Vegas are now selling overnight.

Hopefully, you acted on time and made a deal with your loan servicer. If you didn’t, it’s still not too late. Call them and see if they will offer you a workout. Hopefully, they will work with you. The way the housing and rental market is right now you want to try and do whatever you can to remain in your home. No matter what the current real estate environment may be, your loan servicer would rather not foreclose on you because it cost them money. They have to use an attorney and a constable to do an eviction, and then they have to remarket the house.

If you have any questions, please contact me at rob@wordwizard.biz. Or go to our site at www.wordwizard.biz for more info. If you want to call me my number is 702–742–5065. Unless I’m on another line I will always answer the phone or get right back to you.

Stay well and stay safe,

Robin Basichis — Former Foreclosure Specialist for the state of Nevada.