Nevada Mortgage Foreclosures Are Spiking: Avoid Trouble by Refinancing

By Gabriel Traverso
Local Lender Columnist
Jul 20, 2007
In March 2007 the state of Nevada was ranked the highest for the number of mortgage foreclosures in the United States. The foreclosure rate is up 220% from the previous year and many homeowners are worried.

Worried About Foreclosure? Contact Your Lender!

If you've been having trouble making your mortgage payments and are worried about foreclosure you might think your options are limited. The South Florida Sun-Sentinel recently ran a story on the trouble homeowners are experiencing there and interviewed Jessica Cecere of the Consumer Credit Counseling Service in West Palm Beach. Her answer? The quicker you call your mortgage lender the better. According to her, homeowners who call within 30 to 60 days might be able to refinance or negotiate other repayment terms. "Lenders would much rather work out deals than take their properties because the foreclosure process is time-consuming and expensive," she said.

Nevada Isn't the Only Market in Trouble

The trouble isn't focused only in Nevada. In April mortgage foreclosures across the country rose to 147,708--up 62% from the prior year. The important thing for Nevada homeowners to understand is that if refinancing is still an option now it might not be for long. Prices are going down in major markets across the country and Nevada is no exception. In Las Vegas prices are estimated to drop by almost 9% between now and April 2008. In a recent interview on NPR Mark Zandi, chief economist for Moody's Economy.com, indicated that prices in Reno, Nevada are also going to keep dropping.

If you aren't late on your payments yet, start looking into refinancing your mortgage as a possible solution. If you are late it is important that you contact your mortgage lender immediately and let them know the position you're in. You just might you can work something out.

Sources
International Herald Tribune
Sun-Sentinel
The Wall Street Journal
CNN Money
NPR

About the Author
Gabriel Traverso is a freelance writer, professional musician, and an artist. He resides with his family in Reno, NV.