In recent news CNN had reported 1 in 23 Nevada homes are in foreclosure. These dismal numbers have Nevada leading the nation on the greatest percentage of homes in foreclosure vs. homes not in foreclosure. This is evidence enough that Nevada home owners are not informed of their options. Many of these homes could have been saved through a Loan Modification. Even if many of these homes were non-owner occupied investment properties, the Loan Modification option is still available. Lenders do not want these homes back and are willing to work with the borrowers on a Loan Modification despite the home owner’s non-occupancy status of the property.
If you are an investor with property located in Nevada and contemplating letting the property go into foreclosure due to the decline in property values, or the inability to cover the full payment with the rents received; wait there are options for you. I encourage you to contact your lender and see what options are available to you. You may also want to contact a licensed loan modification company to assist you with the bank negotiations, as it can be a little complicated in preparing the financial information in a format best received by the mortgage lender in an effort to modify the mortgage loan on your investment property.
