Nevada Law to Help Avoid Foreclosure Getting Criticism
Consumers say lenders aren't trying to negotiate home loans.
A law that has been in effect for a year in Nevada has been getting mixed
reviews when it comes to success in helping people avoid
According to a recent report from the Reno Gazette Journal, the law allows
troubled consumers to request a mediation meeting with their lender regarding
their home loan. The rules require that the financial institutions attend
However, some advocates say that even though lenders are going to the
mediation sessions, they don't seem to want to try and come to an
"They charge that many lenders would rather throw homeowners out
than consider loan modifications," the paper said.
Rather, services are being accused of wanting to let the loans default
because they'll get more money through a foreclosure than a modification.
While some states have their own plans, the federal government also offers
the Home Affordable Modification Program. HAMP works to try and reduce
the monthly payments consumers face to help them stay in their homes.
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