Las Vegas attorney Ryan Alexander talks about how to delay foreclosure.
Todd: Hello and welcome to Todd Miller TV. Joined here by Las Vegas Attorney Ryan Alexander. And/so Ryan, let’s say that a person is getting ready to be foreclosed and they stopped making their payments and they’re looking to extend the process. They’re looking for some power power to interrupt that’s gonna cause that’s gonna cause that pending trustee sale date to be postponed.
Ryan Alexander: Okay.
Todd: So what/like what legal consequence or what thing can they do to cause that.
Ryan Alexander: Okay! Well, as far as, before legal staff look at negotiation based remedy.
Ryan Alexander: So, we’ll first look at it, okay. Calling and asking for immediate or/First thing we’ll look at are basically the non-legal remedies or solutions to get them some more time. Those would be first calling for a Loan modification which is often time futile but we try anyways to see if they’ll set it back. The thing that people don’t understand I guess the first is that the Loan modification department and the foreclosure department are completely separate. And they don’t really talk to each other unless you call 3,700 times in a day which we do and tell them what’s going on.
Todd: And just so you know, most of the people that get foreclosed and we on the door, and they tell us “Oh, I was in the middle of a Loan Mod.”
Ryan Alexander: Yeah. So/everyone is. So there’s no difference there. The second thing would be to call and talk to them directly, not only on Loan Mod. but on a debt negotiation level and see if there’s any other work outs other than Loan Mod. but take you to some sort of payment and that catch up schedule aside from that. Sometimes.
Todd: All the banks try to work something out.
Ryan Alexander: Yeah. So that’s the one thing we can do. Now as far as legal solutions or actually there’s one more, the short sale option is we would get them into short sale program that will usually give you anywhere from 60 to 120 days leeway as far as setting back before closure day to let you try and do a short sale if you have it already. Now if you’ve already tried the short sale once, or twice, that’s not really an option once you come to use and we can’t really get you in to another short sale program. Then we will look at it “okay, have you gotten a notice of default yet?” A lot of people go 6 months to a year or more before the bank even sends them the notice of default and records that. And usually that’s posted on your door on white paper. It’s a big packet and it’s with a blue tape on both sides. All the banks do that lately. And it’s got to have a Nevada mediation packet. It’s a Nevada Foreclosure Mediation program packet in that notice of default. Now, if we’re before that point then we can file within 30 days of getting the notice of request to enter the program. That will put you in for Nevada mediation. What that is, is a session where the bank has to come. They have to provide document showing chain of title. They have to provide an affidavit that someone usually had a repository in Texas, has seen your title, or seen your original documents at some point. That’s also the subject of litigation because they’re just producing these affidavits like the banks produce affidavits with whatever name on it. But they have to come with an offer to resolve your situation. Now this doesn’t always mean a Loan modification and what we want usually is for them to come with a Loan mod. offer. Unfortunately, after doing a handful of Nevada Mediation what we’re seeing is that a lot of the time the bank will come in with a pretty ridiculous proposal for a Loan Modification. They’ll offer Loan modification, but it’ll be like you have to pay $10,000 down or $20,000 down to catch up on a years payment or half a years payment all at once. And most of that is not feasible. But from then, they will often offer “Okay, we’ll let you try again for a short sale. We’ll let you try again this.” Also, they might offer DNLU but that really doesn’t happen much anymore. We saw that more when property values were closer to parody and that was really before the Nevada Mediation Program caught on. But the Nevada mediation from the time you get your notice of default like I said you got 30 days to file that. They’ll set the Mediation right now 4 to 5 months out. Once that’s done, it usually takes several more weeks for a certificate to get filed. So just paying the $200 to the state, to get in to the State of Nevada Mediation program, which is governed by the Supreme Court of Nevada. That will buy you atleast 6 to 8 months for $200.
Todd: Wow! So $200 buys you 6 to 8 months for you and your house.
Ryan Alexander: Yeah! So that sometimes is the solution to extend the time to save money to get out to get to….((End of Video))