A Few Mortgage Payments Behind, and No Notice Yet
Being one, two or three payments behind is the stage with the most room to move. No foreclosure has been started, and the people best placed to help are usually your servicer and a free housing counselor.
- Bought as-is, for cash
- Leave repairs and cleaning to us
- Zero agent commission when you sell to us direct
- Closing on a date you choose
- Nevada-based buyer
Where things usually stand after a missed payment
A late payment usually brings a late fee, a reminder letter and phone calls from the servicer. It is stressful, but it is not a foreclosure. In Nevada, a trustee foreclosure formally begins with a recorded notice of default, and several rules sit between a missed payment and that document.
The federal 120-day rule
Federal mortgage servicing rules from the Consumer Financial Protection Bureau generally bar a servicer from making the first notice or filing for foreclosure until a loan is more than 120 days delinquent. That window exists so borrowers have time to apply for help. Exceptions exist, so confirm with your servicer or a counselor how it applies to your loan.
Nevada's contact requirement
Nevada's homeowner protection provisions in NRS 107 add a step for many servicers. Before recording a notice of default on a residential loan, a covered servicer must contact the borrower to assess the financial situation and explore options, give the borrower the HUD number for finding a housing counseling agency, and wait a set period after that contact. Smaller lenders may be exempt, which is another reason to ask who services your loan and what rules they follow.
Calls to make before anyone else
Order matters here. The goal at this stage is to understand what can be done to catch up or restructure the loan before thinking about selling at all.
Your servicer's loss mitigation team
Ask specifically for loss mitigation, the department that handles hardship. Ask what programs exist for your loan type, such as a repayment plan, forbearance or a modification, what documents they need, and the deadline for a complete application. Write down names, dates and reference numbers. Ask for any agreement in writing before relying on it.
A free HUD-approved housing counselor
HUD-approved counseling agencies help homeowners read their loan documents, build a budget and talk to servicers, and those services are generally free. You can find one through the CFPB's housing counselor search. Be wary of anyone who charges an upfront fee to do what a counselor does for free.
A clear look at the monthly numbers
Sit down with the last three months of bank statements and list every fixed cost. Knowing exactly how much is coming in, and how much the mortgage needs, makes every later conversation shorter. If the shortfall came from a layoff or a hospital stay, our page on handling an income shock with a mortgage covers the help that is specific to that kind of hardship.
If a Sale Is the Path You Choose
Send the address and we will look at the property, the neighborhood and whatever you decide to share. Then we reach out with a few questions and explain any offer in writing, at your pace.
Talking with us never takes other doors off the table. You can still speak with your loan servicer, a HUD-approved housing counselor or a Nevada attorney, and we would encourage it. Prefer a voice? The TALK TO ALEX button rings our line.
Questions to ask yourself honestly
Is the shortfall temporary or permanent? A temporary gap, such as a few weeks between jobs, often fits a repayment plan or forbearance. A permanent change, such as a lower-paying job or a divorce, may mean the payment no longer fits even after a modification.
Is there equity? If the home is worth well more than the loan, you have room to choose. If it is worth less, the conversation is different, and our page on owing more than your Las Vegas house is worth covers short sales and other routes. Do you want to stay? Some owners realize they were already thinking about moving closer to family or into something smaller. That answer matters more than anything a buyer tells you.
It also helps to know the professionals who are not in the business of buying houses. A Nevada real estate attorney can review your loan papers and any letters that sound like legal threats. A bankruptcy attorney can explain, in a single consultation, whether a filing would even apply to your debts. If you have equity and time, a licensed agent can give you a realistic listing price. Talking to any of them first does not close off selling later. It just means that if you do sell, you will know it was a choice and not a reflex. If the servicer mentions a short sale, ask a counselor to explain how it would work for your loan before you agree to anything.
If selling starts to look like the right fit
We are a cash home buyer. We do not work with lenders on your behalf, offer loan modifications, or provide any service to keep the house. If, after talking with your servicer and a counselor, you decide selling suits you better, there are two main ways to do it.
Listing with an agent versus selling direct
A licensed agent can put the home on the open market, which often brings the highest price for a house in good condition, but usually means repairs, showings and a commission. A direct sale to a buyer like us means an as-is cash offer, nothing to fix or clean up, no agent's fee, and a closing day you pick. Selling direct trades some price for simplicity. Get both numbers before deciding.
- Call your servicer's loss mitigation team and ask what you qualify for.
- Meet with a HUD-approved housing counselor to check the options with fresh eyes.
- If selling still makes sense, ask a local agent for a listing estimate and ask us for a written cash offer.
- Have a Nevada attorney review whichever contract you plan to sign.
Our page on how a direct cash purchase moves from offer to closing covers the steps, and who we are as a Las Vegas buyer explains what we do and do not do. Owners in Summerlin and the Centennial Hills area often call at this stage just to compare numbers. If a notice of default does arrive later, our guide to reading a recorded notice of default picks up from there.
Fair Questions, Plain Answers
Will one missed payment start a foreclosure?
Usually not right away. Federal servicing rules generally prevent a servicer from making the first foreclosure notice or filing until a loan is more than 120 days delinquent, with some exceptions. You may still owe late fees, and your credit can be affected. Calling the servicer early gives you the most time to apply for help.
Does talking to you affect my servicer or credit?
No. A conversation with us is just a conversation. We do not contact your lender or report anything to credit bureaus. We also cannot predict how missed payments, a sale or any other path will affect your credit. A HUD-approved counselor can talk you through that question in general terms.
Should I pay someone to negotiate with my lender?
Be very careful. Nevada regulates foreclosure consultants and loan modification consultants under NRS 645F, including licensing and contract requirements. HUD-approved housing counselors generally offer this help for free. If anyone asks for money upfront to keep your house, talk to a counselor or a Nevada attorney before paying.