Realestate in Las Vegas Nevada
seems to be suffering from what is called “borrower fatigue.”
Many homeowners are basically disregarding legitimate bank offers in
order to reduce their mortgage payments. According to real estate
attorneys in the state, many property owners have been so accustomed
to getting rejected by the banks that they sometimes neglect to read
a valid offer when it comes their way.
To
Believe or Not to Believe
CB,
a property owner from Nevada, did not open her mail for a number of
years because it usually meant bad news from the bank. For four
years her family tried to get the bank to agree to some kind of loan
restructuring in order for her to be able to keep her home. Finally,
when the bank agreed to reduce their monthly mortgage obligations by
almost half, they still could not believe it. According to CB it
gets very confusing at times that it takes a while to internalize her
good fortune.
Some
of the offers coming from the banks were so extreme that some Nevada
homeowners thought that it was some kind of prank made at their
expense. A quick call to the lending institution put all their fears
to rest.
Scams
While
many of the offers from banks are genuine, there are still others out
there that prey on desperate property owners trying to find ways to
save their investment. Some have gone so far as to copy the official
stationary of the well-known banks and then offer price reductions or
other perks if the homeowner forwarded some form of money.
Read
the Mail
The
best advice from the experts is to read your mail carefully. Banks
right now have been given more flexibility to negotiate a reduction
of the principal as well as offer a restructuring or even a short
sale if need be.
For
more information on what is happening on Real Estate in Las Vegas
Nevada check out: http://www.stevemartel.com
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