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Do’s and Don’ts For Nevadans Battling To Save Their Homes

September 17, 2007

Las Vegas, NV - When it comes to the housing foreclosure crisis, the large number of Nevada residents in danger of losing their homes makes the state "Ground Zero." More than one-third of the nation's sub-prime loan activity is concentrated in just four states, and Nevada is among them.

While speculators attempting to "flip" houses have inflated the figures, bankruptcy lawyer Beverly Salhanick says there are still plenty of families in trouble. The good news is lenders don't want to be stuck holding a lot of foreclosed property, so they're more willing than usual to help.

"Given that they are not really interested in having additional property as inventory, they would rather have cash coming in. Lenders are a little more likely these days to work with you."

Salhanick warns homeowners against making ultimatums such as threatening to walk out on the house and the loan. She says the lenders won't help unless the borrower is willing to be flexible, too.

"You don't want to give them an ultimatum, because they've heard them all before. If you say you're just going to walk away, you'd better be prepared to do just that. The lenders won't work with you if you're unwilling to work with them."

Michael Clifford/John Robinson, Public News Service - NV