Good news for Nevadans…or is it? News came out today five major banks are planing to give some foreclosed homeowners up to $2,000 cash back because they lost their homes. For people who are still paying they plan on reducing the principle of up to $20,000.
This sounds good but as many as you know $20,000 isn’t going to help much in Nevada. We were hit so hard that many of the homes might be worth half of the loan amount.
Is it really fair that those who had to foreclose get up to $2000? What about the people who are staying in their homes and paying mortgages. Where is their bail out?
When purchasing a home there is a lot of paperwork. You will never spend more money on something else in your lifetime. Read the paperwork. Know what you are getting into.
Tamara Parmley
eXp Realty
702.477.9000
