How to Catch Up on Missed Mortgage Payments in Nevada

Learn how Nevada homeowners with substantial equity may be able to address accumulated missed mortgage payments without immediately selling the home.

First, find out exactly how much you need

Contact your servicer and determine the current amount required to bring the loan current. Then gather your approximate property value, total liens, cure amount and available equity.

The regular payment may not be the real problem

If a $2,700 payment is affordable again but five missed payments created $13,500 or more in arrears, the homeowner may not need a permanently lower payment. The immediate problem is overcoming the accumulated shortage.

Look at the arrears compared with your equity

A $650,000 home with $410,000 in total debt has about $240,000 in equity. If $25,000 is needed to catch up, the homeowner has a serious cash-flow problem but not necessarily an equity problem.

Why not just get a HELOC?

For homeowners with strong credit and clean recent payment history, a HELOC may be worth considering. But missed mortgage payments can make traditional approval harder at exactly the time access to equity is needed.

Equity-based financing may be another possibility

Some private financing focuses more heavily on the property, existing liens and available equity. Depending on the situation, it may provide funds to bring an existing mortgage current. Because financing is secured by the property, terms and costs should be considered carefully.

$100,000 or more in equity?

Homeowners with approximately $100,000 or more in available equity are generally the strongest candidates for the type of review discussed here.

Do not let $10,000 behind become $20,000

Arrears do not usually shrink on their own. Additional payments, fees and foreclosure-related expenses may increase the amount needed. Acting earlier can preserve more choices.

A temporary problem does not always require a permanent decision

If income has recovered and the regular mortgage is affordable again, selling the home can be a permanent response to a temporary setback. Before doing that, find out whether a portion of the equity can solve the arrears instead.

Request a private property review

If you want to keep your Nevada home and have substantial equity, send us the approximate property value, mortgage balances, amount you are behind and any foreclosure sale date. Situations with approximately $100,000 or more in available equity are generally the best fit for the type of assistance we provide.