Possible Lender Alternatives to Las Vegas Foreclosures

Occasionally, a lender may not opt for
foreclosure even though a homeowner is behind on loan payments. Although a
lender is not required to bargain for offers or renegotiate the terms of your
loan, there are some alternatives to Las Vegas Foreclosures.

Special Forebearance – your lender may
choose to reduce or suspend your payments provisionally. After that period, you
must make a lump sum payment or acquire a long term repayment plan to pay back
the reduced or suspended amount. Forebearance may be a sound option when your
default is caused by specific and temporary reasons and you assume that you
will be able to resume payments at the end of the forebearance period.

Repayment Plan – Your lender may be able to
come up with a repayment plan where you pay an amount equal to your mortgage
payment plus an amount of the total in default. Depending on your agreement,
the plan could last for a few months or a year. On the end of the time period
you would have paid of your past dues and you resume back to the original
payment amount effectively avoiding Las Vegas Foreclosures.

Mortgage Modification – you may be able to
refinance your debt and extend the term of your mortgage loan. This will help
you get back on the track by possibly lessening the monthly payments to a more
affordable level.

Partial Claim – your lender may be able to
obtain with you an interest free loan from the HUD if you are qualified.

Pre Foreclosure Sale – this allows you to
sell your property and pay off your mortgage loan to avoid Las Vegas Foreclosures
and potential damages to your credit scores.
You can sell the house yourself before the foreclosure sale and save some of
your equity.