In the country, Nevada has the highest foreclosure rate and its metro area is in the top five worse in the nation. This crisis is affecting the construction of new homes which in turn affecting the property values. Due to the crisis home owners are unable to pay their mortgage, so they are losing their houses. Initially low interest rates attracted these people with poor credit scores or finances. However, as many loans were adjustable rate mortgages (ARMs), higher interest rates down the road made payments nearly impossible, ultimately leading to foreclosure. What happens in a foreclosure proceedings? A foreclosure proceeding occurs when a lender files a lawsuit seeking to take possession of your home. After the lender commences the action, the borrower is given a limited time to reply. If the borrower fails to reply, a default judgment can be entered and ownership of the home transferred to the lender by the court.(Ref: Foreclosure Defense, http://www.johncranebankruptcy.com/foreclosure_defense) Contact John M. Crane If you have been served with a Summons and Complaint containing a foreclosure notice, you should act as quickly as possible to explore any foreclosure defenses you might have. You can contact foreclosure attorney, John M. Crane1 at 212-571-1898, 718-509-6542, 914-380-4209 or 914-481-3450. With the help of John M.Crane, you will receive the information, advice and solutions you need to avoid foreclosure, or if foreclosure is not avoidable, he can help you protect any and all rights you may have, including the right to sell your home if you have equity in it, a “short-sale” if it can be negotiated with your lender, or a deed in lieu of foreclosure whereby you can walk away from the home without any further obligations to your lender. For more details, visit www.johncranebankruptcy.com Disclaimer: The contents of this page are general in nature. Please use your discretion while following them. The author does not guarantee legal validity of the tips contained herein.
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