Las Vegas NowCity Leaders Weigh How to Spend Foreclosure Dollars

City Leaders Weigh How to Spend Foreclosure Dollars

Tens of thousands of southern Nevada homeowners still stand to lose their homes, with formal eviction proceedings months, weeks, and some cases days away.

Many are wondering whether any of the money from the federal government's multi-billion dollar economic rescue plan will trickle down to them in time.

One out of every 45 southern Nevada homeowners are still facing an imminent threat of foreclosure, and all the recent headlines about government bailouts and rescue plan have many distressed homeowners angry and confused about how they're going to get any real help hanging onto their homes.

Consumer Credit Counseling Service of Nevada

"I am so frustrated. I've been spinning my wheels with no results and getting nowhere. I don't know what to do," said Cheryl Henry.

Like thousands of other Las Vegas valley homeowners, Henry knows time is running out. She's five months delinquent on her adjustable rate mortgage, which she can no longer afford, and the home she paid $200,000 for has lost half of its value in the market.

Cheryl stands to lose her home in less than two months if she doesn't find a lender willing to modify her mortgage. Henry says her own mortgage company's only advice has been to short sale her home.

She was hoping to hear some positive news from those who briefed Las Vegas City Council members on the foreclosure crisis, but she didn't.

"We can help consumers understand their options and the resources available to them, but as far as dollars to individual consumers and families to try and retain their homes, it isn't going to happen," said Michele Johnson with Consumer Credit Counseling Services.

Representatives from the non-profit agency CCCS, along with Fanny Mae, shared their findings and possible solutions for helping homeowners try to avoid or at least navigate the foreclosure process.

Both agencies pledged to work closely together to reach out and educate homeowners facing foreclosure.

Unfortunately, the valley's non-profit credit counseling agencies are so overwhelmed by the demand for their free services, that there is currently a three to four week wait to get an appointment to speak to a counselor.

That's time a lot of these homeowners in trouble just don't have right now.