If you think residents of Summerlin aren't feeling the wrath of home foreclosures to the same extent as folks living elsewhere in Las Vegas, or Clark County, or anywhere else in Nevada, then guess again.
Just punch Realtytrac.com into your computer, pick any ZIP code in Summerlin and scroll down the list of the hundreds of bank-owned properties due to foreclosures. Realtytrac keeps a close check on foreclosures throughout the country, and the numbers continue to be staggering.
Even more astonishing is the fact that one of every 13 households in Clark County was involved in a foreclosure filing during the first half of this year. That ratio far exceeds the closeness of proportions in any other state. At present, almost two million homes are in foreclosure across America.
But the bottom line is that the Silver State bears the ignominious distinction of sitting atop the national list of the closest ratios of home foreclosures to total households.
Unfortunately, there isn't much that can be done about leveling off and driving down the number of foreclosures and pending defaults until some fundamental economic problems are resolved, especially in the Las Vegas area. To put it bluntly, the situation won't improve measurably until we see a turn-around in the unemployment figures and a meaningful reduction in the number of business and personal bankruptcies.
Smack in the middle of this chaotic situation is the human factor, and the toll here is overwhelming in Nevada. Basically, it encompasses the tens of thousands of folks who have been left high and dry, and in a huge number of cases, without a roof over their heads.
In that sense, "a little thing can mean a lot." And one of the little things that emerged from the most recent state legislative session was the creation of the Nevada Supreme Court Foreclosure Mediation Program.
The program gives any homeowner who received a notice of default from their lender after July 1 of this year the right to request mediation prior to the lender exercising foreclosure proceedings. In essence, those facing foreclosure since that date now can stand face-to-face with their lender, in the presence of a state mediator, and talk about a loan modification plan that could save their home.
Still another "little thing that can mean a lot" is the recent establishment of a three-way partnership between the Legal Aid Center of Southern Nevada, the William S. Boyd School of Law and the Nevada Fair Housing Center. The purpose of the alliance is to offer free classes to homeowners who are about to enter foreclosure mediation under the Supreme Court program, but who are unfamiliar with the practice of mediation.
"Southern Nevada is facing one of the worst foreclosure crises in the nation," said Lynn Etkins, development director of the nonprofit Legal Aid Center. "There is so much misinformation and confusion among homeowners that we felt it was critical to empower them with straight talk and real information about how to navigate the foreclosure mediation process," Etkins added.
So successful is the Supreme Court program that almost 2,000 homeowners in Clark County, facing foreclosure, already have requested mediation. The pool of mediators consists of senior judges, retired judges and lawyers with experience as arbitrators. Homeowners and lenders each are charged $200 to cover the costs of the mediation program.
The free Legal Aid Center classes, held on the UNLV campus, are open to all homeowners and cover the basics of foreclosure and loan modification options. Etkins explained that one of the purposes of the class is to provide homeowners with a better understanding of how banks and other lenders review requests for loan modifications. Another purpose is to understand how lenders assess each unique set of circumstances. Still another is to help homeowners present their case to the mediator in support of obtaining a loan modification.
Anyone wishing to attend the classes can register by calling 386-1070, Ext. 155.
Herb Jaffe was an op-ed columnist and investigative reporter for most of his 39 years at The Star-Ledger of Newark, N.J. He is the author of the novels "Falling Dominoes" and "One At A Time." Contact him at HJaffe@cox.net.
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