We had stated in other posts on this blog few times and we like to restate it again. Nevada is running high on this omnipresent foreclosure crisis which is deepening every day and we don’t see the end in sight. its omnious effect is everywhere. We see U-Haul truck almost every day and throw away garage sale. We have provided statistics many times, and in fact, all national magazines are full of these statistics about Nevada. We are high not only on foreclosure rates, but highschool drop out rate along with highest teenagers pregnancy. Our schools admissions are falling as of this time as more and more student either dropping out or changing to other states. This all is relating to our endemic homeownership crisis. As we had suggested earlier, this crisis would not come to an end unless and until homeownership is revitalized with loan modification and intense government attention which is missing still in this regard. More and more homes are foreclosed. We had suggested a novel homeownership plan based on the following recommendations and we like to mention them again:
-All mortgage should have only 2% interest rate for the next 5 years regardless of the income status of the owner.
-No documentation should be required for this purpose.
-Your old original documentation is enough.
– No disparity between primary homeowners and secondary homes. Every home is entitled for loan modification.
-This modification would only last for the first 5 years.
-This should also entitle federal bankruptcy courts for a cramdown.
-Banks should be given more incentive both from Feds and homeowners.
This brings us to another important topic–which is the lack of knowledgeable foreclosure defense attorneys in Las Vegas. We had tried to fill this gap with our whole-hearted attempts to help our clients in both Clark county and US District Courts. We had successfully helped many clients in averting their imminent foreclosure as well as upsetting some of the wrongful foreclosure cases. We are proud that the Law Office of Malik Ahmad has a successful track record in this regard. Please see following an article in this regard which was recently published in Times weekly.