Legal Question in Real Estate Law in Nevada
30 day notice of demand and intent to accelerate
Does our bank have a case against us? We have an equity loan for $76,000 on a house we own free and clear, worth around $250,000. Made 4 years of consistent payments. Husband lost job in Dec 08. Began being late on payments due to financial hardship. Are now 82 days past due and owe for Jan, Feb and March. Will make payment on 4/13/09 for Jan. to bring current to 60 days. Bank is saying ''only certified funds for total amount due will be accepted to cure default. If partial payment received, bank is not waiving right to declare default.'' How can they ask for this. Doesnt NV law say they cant do anything unless we go 90 days past due? We wont, we will pay and slowly catch up. But they also know we cant come up with $3500 in 30 days! Can we lose our house? I think the bank is trying to steal it from us. Please help. We have asked for extension, hardship payment plan, refi to mortgage and have been turned down due to husband's unemployment and now low credit scores. They promised us our mortgage would go thru, but it didnt. We wanted to pull addit. equity to pay off debt and start fresh, but are being denied. We are one of few homeowners in LV who have + equity in house.
1 Answer from Attorneys
Re: 30 day notice of demand and intent to accelerate
I would have to look at your loan contract to answer all of your questions.
You may be confusing time periods in the foreclosure proceess with the time period necessary for them to start foreclosure.
From what you have written it appears that the bank has not actually said that they will for sure initiate foreclosure proceedings if you do not immediately make up all of the back payments. Unfortunately, for you, the fact that the property is worth so much more than the loan makes foreclosure almost risk-free for the bank.
Bankruptcy would be one possible way to gain time to get caught up on the loan if the bank does initiate foreclosure, but whether that is right for you would depend on a variety of factors.
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