Nevada: April Foreclosures

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Nevada foreclosures in April were high enough to make the state rank number two in terms of most foreclosures in the nation. According to a recent report, foreclosures were up 39 percent all over the country, with Florida taking the number one spot. During the month of April there were 893 foreclosure in Nevada. Foreclosures happen all over the country, but many of them can be avoided. The more you know about a foreclosure, the more likely you are to avoid one.

What Is Foreclosure

Foreclosure happens when a person cannot or does not pay their loan or mortgage payments. After the payments are delinquent for a certain amount of time, the bank decides to take back the home or property and does this with the foreclosure process. A homeowner must then pay the entire balance of the loan or lose their home.

Causes Of Foreclosure

There are many reasons people lose their homes in foreclosure. Some people simply stop making their payments because they don’t want to and others have fallen on hard time because they have lost a job, become injured and unable to work or simply can afford to make the payments. Many banks and lenders are willing to work with debtors to help them avoid foreclosure and continue to pay their payments in a timely manner.

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