Your Options When a Las Vegas Home Loan Falls Behind
Selling to us is one choice out of many, and often not the first one to try. This page lays out the situations we hear about most and the help that exists for each.
- 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
Who to talk to before any buyer
The most useful first calls are free or low cost, and none of them involve selling. Your servicer's loss mitigation department can explain repayment plans, forbearance and modifications. A HUD-approved housing counselor can review your situation and help with applications, generally at no charge; you can find one through HUD's counselor search tool. Owner-occupants who receive a notice of default can petition for the Nevada Foreclosure Mediation Program. A Nevada real estate attorney or bankruptcy attorney can explain your legal rights, and a licensed agent can tell you what the house might bring if listed.
Notice of Default
What a recorded notice of default and election to sell sets in motion, how long the statute says it takes, and who to talk to first.
Trustee Sale Scheduled
A recorded sale date narrows the choices but does not erase them. A calm rundown of servicer, attorney and selling routes at this stage.
Behind on Payments
Missed a payment or three? The early stage has the widest set of choices. Who to call, what rules apply, and where selling fits.
HOA Foreclosure
Unpaid association assessments can lead to a separate foreclosure track in Nevada. How the HOA lien works, the notices involved and your choices.
Reverse Mortgage
A HECM can come due while the borrower is alive, over property charges or occupancy. What HUD allows, who helps, and where a sale fits.
Underwater Home
Negative equity changes which exits are open. Short sales, modifications, a deed in lieu, and the cases where a direct buyer cannot help.
Job Loss or Medical
An income shock is the most common reason a payment slips. Hardship tools, free counseling, medical bill help and an honest look at selling.
Seven situations and the paths that fit each
A few payments behind
The earliest stage has the most room. Federal rules generally keep a foreclosure from starting until a loan is more than 120 days delinquent. Read options while you are only a few payments behind.
A notice of default arrived
This is the formal start of a Nevada trustee foreclosure, with at least three months before a sale notice can follow, plus mediation paperwork for owner-occupied homes. Our guide to a Nevada notice of default and election to sell explains the documents.
A trustee sale date is set
Fewer routes remain, but some do, including a final servicer conversation, legal review and a sale before the auction. Read a realistic look once a sale date is set.
Behind on HOA assessments
An association can foreclose its own lien under NRS 116, on a separate track from the mortgage, with repayment plan and hearing rights along the way. Read how HOA liens and foreclosures work.
A reverse mortgage called due
A HECM can come due over unpaid taxes, insurance or non-occupancy, and HUD offers repayment plans and some extensions. Read reverse mortgage defaults while the borrower is living.
Owing more than the home is worth
A cash buyer generally cannot help here unless a lender approves a short sale. Modifications, a deed in lieu or a short sale run through your lender. Read options for negative equity.
A layoff or medical bills
Income shocks are what forbearance and modifications are built for, and counselors can help with the budget. Read mortgage help after an income shock.
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.
What a cash sale can and cannot do
We are a local cash buyer. We purchase homes in as-is condition, with nothing to fix or clean up, no agent's fee when the sale is direct, and a closing date the seller picks. That is all we offer. We are not foreclosure consultants, we do not negotiate with lenders or associations, and we cannot pause, delay or end a foreclosure. If a sale closes, the loan is paid off through escrow from the proceeds, as long as the price covers it.
When there is equity and the owner would rather move on than keep the home, a direct sale can be a reasonable choice. When there is no equity, or keeping the home is realistic, other routes are usually better. Listing with an agent may also bring a higher price than any as-is offer, so it is worth getting both numbers. We would rather you choose us after comparing than because you felt rushed.
Protections when selling to any buyer
Nevada treats a business that buys a home with a recorded notice of default as a foreclosure purchaser under NRS 645F. Fraud or deceit by such a buyer is a crime and can let the homeowner rescind the sale for a period after the deed is recorded. Insist that every promise is in the written contract, never sign at a first meeting, and have a Nevada attorney review the agreement. Be wary of any arrangement to sign over the deed and rent the home back.
When you are ready to compare, our page on the steps of selling directly to us and our answers about contracts, costs and timing cover the details. Homeowners across the valley can also browse the Las Vegas neighborhoods we buy in.
Fair Questions, Plain Answers
Is selling my house the best way out of foreclosure?
Not always. If keeping the home is realistic through a repayment plan, modification, mediation or other route, that may be better. Selling can make sense when there is equity and you would rather move on. A HUD-approved housing counselor can help you compare options before you talk to any buyer.
Do you charge for advice about my options?
We do not sell advice or services. We are a home buyer. General information on this site is free, but it is not legal or financial advice. For advice about your loan, contact your servicer, a HUD-approved housing counselor or a Nevada attorney.
What should I bring to a counselor or attorney?
Bring your most recent mortgage statement, any letters or notices from the servicer, trustee or HOA, proof of income, a list of monthly expenses, and any offers or contracts you have received. Having the paperwork together makes a first meeting more useful and helps the professional give you clearer answers.