Steps To Follow When The Las Vegas Foreclosure Moratorium Ends and You Still Aren't Able To Make Your Mortgage Payments

Foreclosure Moratorium Ends

The COVID-19 pandemic put a lot of financial strain on families. To help address the issue, temporary foreclosures protections were enacted. On February 16th, 2021, the Biden Administration announced an Extension of COVID-19 Forbearance and Foreclosure Protections for Homeowners. The foreclosure moratorium for homeowners extends through June 30, 2021. As the deadline is approaching and no additional extension is certain, it is time for homeowners to get prepared. 

This raises an important question: What should I do if I can’t make my payments after the foreclosure moratorium comes to an end? The answer depends on your circumstances—you may be eligible for some form of extended forbearance or you may have options through foreclosure mediation. Here, our Nevada foreclosure protection attorney provides an overview of the steps that you should take if you are not able to pay your mortgage after the moratorium period ends. 

Step #1: Get Organized and Figure Out Exactly What You Are Facing

If you are dealing with serious financial issues, you are absolutely not alone. A recent report from CNBC found that 40 percent of Americans are struggling with financial problems more than one year after the start of the COVID-19 pandemic. The first step is always the same: Get yourself organized and figure out exactly what you are currently dealing with. Not all delinquent mortgages in Las Vegas are the same. The strategy that works for another homeowner may not be appropriate for you and your family. Among other things, you need to determine: 


Step #2: Check To See If You Eligible For Any Refinancing

The interest rate on your mortgage matters. Even if you are struggling to pay your mortgage or you are already behind on your payments, you may still be eligible for refinancing to lower your current monthly payment. Mortgage rates are currently significantly below their historical average. There is no guarantee that you will qualify for refinancing, but it is an option that should always be considered. If you have any questions about refinancing and foreclosure in Las Vegas, do not hesitate to reach out to an experienced attorney for help. 


Step #3: Explore All Options For Forbearance/Forbearance Extension


If you cannot make your mortgage payments, you should consider all available forbearance programs in Las Vegas. It is important to emphasize the distinction between the ‘foreclosure moratorium’ and ‘mortgage forbearance programs’: 

You may be wondering: What do I do when my forbearance ends? The answer depends on your ability to make payments and/or your remaining eligibility for forbearance. As noted above, you may still qualify for a forbearance extension through your mortgage loan servicer. If you are not sure about how to proceed, our Las Vegas foreclosure attorneys can help. 


This raises another question: What if I can’t pay back my forbearance? If you have exhausted all options for additional mortgage forbearance and you cannot make the payments that are required, it is time to take immediate action. You may be forced to consider disposition options, including selling your home, going through the foreclosure process, or initiating a short sale. 


Step #4: Consult With a Foreclosure Mediation/Foreclosure Protection Lawyer

It is normal to be stressed out and confused if you cannot make your mortgage payments. The process is notoriously complicated. Professional guidance and support is always available. Do not hesitate to reach out to an experienced Las Vegas attorney. Here is a summary of what may happen next: 

In some cases, you may be a good candidate for foreclosure mediation. It may be possible to negotiate an agreement through Nevada Mortgage Modification Mediation (MMM). Alternatively, if you are dealing with overall financial hardship, it may be time to start exploring Chapter 7 bankruptcy and home foreclosure. Everyone’s financial situation is unique. The best path forward depends on your specific circumstances. Still, it is always best to be proactive. 


Call Our Las Vegas Foreclosure Defense Attorney For Immediate Legal Help

At Vohwinkel Law, our Las Vegas foreclosure defense lawyer is a strong, solutions-driven advocate for homeowners in Nevada. We will help you identify and explore every available option to save your home from foreclosure. If you have questions, we have answers. Contact us now for a free, strictly confidential review and assessment of your case. With an office in Las Vegas, we provide foreclosure defense and bankruptcy services throughout the whole region, including in North Las Vegas, Henderson, Summerlin, Paradise, Boulder City, Mesquite, and Spring Valley.

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