Stop foreclosure in Nevada
For most of us, owning a home is the definition of the American Dream. We work hard, sacrifice, and shed blood, sweat, and tears to achieve our dream. Sadly, in spite of all their best efforts, countless Las Vegas families face losing their homes in foreclosure.
The Chapter 13 bankruptcy process can help your family avoid foreclosure by restructuring your debts. Call or text DebtStoppers at 725-373-5900 to schedule a no-obligation debt settlement consultation with one of our experienced Nevada attorneys. We can explain the bankruptcy process and how filing can help your family stay in your home. There is no time to waste, so call or text us today to learn more about your options.
The Foreclosure Process in Nevada
If you financed the purchase of your home, you probably signed a deed of trust that “secured” the loan with the property itself. This means that the lender can take possession of the house through the foreclosure process if you miss payments.
Nevada laws permit lenders to use a non-judicial foreclosure process. This means that a bank can foreclose on your property without ever setting foot in a courtroom. Instead, they can sell the house through the “power of sale” included in the deed of trust. After providing you notice and advertising the sale, the property will be sold to the highest bidder.
If the sale price isn’t enough to pay off the outstanding balance on your loan, the lender can get a “deficiency judgment” in court that holds you responsible for the difference. Some states allow for a “redemption period” after the sale, during which you can buy back the house, but Nevada law does not provide for this option.
How to Stop the Foreclosure Process in Nevada
The Chapter 13 bankruptcy process in Nevada can help your family stop foreclosure and keep your home. As soon as you or your lawyer submits your petition, the court will grant you an automatic stay that prohibits your creditors from trying to collect from you. This means that the stay forbids lenders from initiating foreclosure proceedings against you. It also requires lenders who have already started the process to stop pursuing it any further.
On top of the temporary protection provided by the automatic stay, Chapter 13 can reduce your debt and restructure it into a 3-to-5-year repayment plan. While you’ll still be on the hook for your home loan, Chapter 13 usually eliminates about 90% of your other debts. This debt reduction will make your mortgage payments affordable again, helping you avoid falling behind again.
Let DebtStoppers Help You Keep Your Home
Don’t give up on the home that your family sacrificed so much for. At DebtStoppers, our talented and compassionate Nevada lawyers have devoted their careers to helping families like yours save their homes. The Chapter 13 bankruptcy process can help you keep a roof over your head! Call or text us today at 725-373-5900 to request your free debt relief consultation with a knowledgeable Las Vegas attorney.
DebtStoppers has helped thousands of families stop foreclosure and keep their homes. Don’t let a lender destroy the American dream your family has earned. Call or text us today at 725-373-5900 to learn more about the Nevada bankruptcy process.