Campaign Offers Advice for Struggling Homeowners - 8 News NOW

Campaign Offers Advice for Struggling Homeowners

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LAS VEGAS - Like many people in the valley, Bonita Delanghe is reaching for a life line.

"I'm here for my children, who both have a situation," she said. "My son's been making interest-only payments for about five years, and he's probably $300,000 underwater. My daughter is facing a foreclosure. She's behind on her mortgage."

Tuesday night, Delanghe hoped to hear anything that will help her children.

"People are scared. There's a lot of fear, and I think you have to work with kid gloves, and you have to really care," said Las Vegas City Councilman Steve Ross.

Coldwell Banker Premier Realty sponsors the Neighborhood Awareness Campaign, which includes information sessions like the one Delanghe attended Tuesday night. The campaign provides free advice for homeowners trying to decide whether to stay in their homes, foreclose or file for bankruptcy. In addition to Ross, an attorney and a certified public accountant were available to give advice and analyze people's situations.

"People don't have to pay for help, and it's important to understand that," said Diane Varney with Coldwell Banker. "There are people out there. There are professionals in this community that will help homeowners go through this challenging process in their lives for free, at no cost."

Coldwell Banker focused on short sales Tuesday night as the number of foreclosures in Nevada has come to a screeching halt.

New state legislation requires banks to first have their paperwork in order - reducing notices by 96%. That means banks don't have enough homes to sell, and it makes for a good time to short sell a home.

"We're at about 10,000 homes to sell right now. We sell roughly 5,000 a month, so that's a two-month supply of homes that we have to sell," said Varney.

Coldwell Banker says there is more incentive for homeowners to short sell, and it's less damaging to their credit than foreclosure.

More information sessions are scheduled throughout the valley. The next one takes place Wednesday, December 7 from 6 p.m. to 7 p.m. at the Silver Springs Recreation Center, 1951 Silver Springs Parkway in Henderson. Learn more about the program by calling 458-7070.

RSVP for the Henderson Information Session

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