Legal Question in Real Estate Law in Nevada

Is there such a thing as reducing principles on these upside mortgages. We have a very upside mortgage and we had stopped paying our mortgage in December 2008 and asked for a loan modification. Each month our lender told us we were being processed for a loan modification. In April I contacted them again and was told we were in foreclosure. I never got any notices and the lady I told this to in the foreclosure department immediately had papers served on us the very next day with attorney fees attached stating we were in foreclosure. I understand we were suppose to have a default notice sent to us first to give us 90 days to catch up on the loan which they never sent. Now they have us on a payment plan that is going to balloon to an amount of money of the back payments that we can't afford to pay. What is our next stop. We cannot afford an attorney.


Asked on 8/08/09, 11:50 am

1 Answer from Attorneys
Nina Ortega

It is going to be very difficult for any attorney in this forum to give you advice without having had the opportunity to review your loan documents, the foreclosure papers you have received, the notes of your conversations with the lender, and much more.

Try this website to see if you qualify for some kind of assistance:

http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL

So far I have not heard of any lenders offering principal reductions except in connection with short sales, which is inconsistent with your desire (I assume) to stay in your home.

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Answered on 8/13/09, 1:46 pm


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