More home owners in Las Vegas are finding solutions before foreclosure

The Las Vegas marathon is much like the story of Las Vegas foreclosures. On the day of the race the news reports that thousands of runners are at the starting line in Las Vegas reporting the number of foreclosure filings and as of lately putting us number one in the nation. As with all information, having a little knowledge of how Las Vegas foreclosure filings work will allow readers to better process the information presented to them.

Foreclosure filings: Just like with the marathon, thousands will start but not all will reach the finish line. The number of Las Vegas foreclosures can largely misrepresent what is happening in the foreclosure market as Las Vegas real estate has some unique rules that may not exist in other parts of the country. The typical home built in Las Vegas, Henderson or North Las Vegas since 2003 is what we'll look at. The home owner will likely have one, two or even three loans on the home. It will be located in a home owners association (HOA), may be part of a master planned community, and the land it was built on was on unimproved land and may have a debt for the improvements, such as water, electricity and drainage (SID/LID). This single home may have up to six outgoing payments, all of which can foreclose on the property. I have seen bank owned properties be re-keyed by the HOA and foreclose on the bank owned home (REO).

Foreclosures: Each debt holder can foreclose on the property, and this is where a large misrepresentation can occur. If all six file for foreclosure, six foreclosures filings will be reported, and this will result in an innacurate statement to be reported as only a single home will become a bank owned home. Most understand the number of foreclosure filings as a home lost, when in reality it is each individual it represents the leinholder of Las Vegas real estate attempting to protect their in interest in the property before someone else takes it.

The race is nearing the end and as with all races not everybody that started the race has finished it. Some did forbearance agreements, some did loan modifications, some gained their jobs back, some refinanced, and the ones that did finish the race had a home foreclosed. They had one home foreclosed, one piece of Las Vegas real estate, not six even though they may have had six different filings

There is no doubt that Las Vegas will be number one for a while, but the next time you hear the news, listen to understand if the report is about the beginning of the race or the end and you will gain a better understanding of what you're listening to.


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