Nevada Bankers Association CEO Phyllis Gurgevich issued a statement after an announcement by Nevada Gov. Steve Sisolak that he is temporarily suspending all foreclosures in the state during the coronavirus crisis.
“Members of the Nevada Bankers Association are committed to working with state and local governments and their customers in Nevada during these trying times. Since Gov. Sisolak declared a state of emergency, Nevada banks have been working with homeowners to develop solutions as their monthly mortgage comes due and will continue to do so.
The Nevada Bankers Association is working cooperatively with all local, state and federal agencies, abiding by all mandates to best help its members and their customers manage the effects of the coronavirus outbreak.
NBA’s message continues to be: Don’t ignore a mortgage problem. Even as banks are proactively reaching out to borrowers, the first step that all borrowers should take if they can’t make their payments is to talk to their lender as soon as possible.
Nevada’s banks will continue to work with their customers impacted by COVID-19. The Department of Housing and Urban Development (HUD) has already authorized suspension all foreclosure and eviction actions through April. They have also directed Fannie Mae and Freddie Mac to suspend foreclosure and eviction activity for 60 days. The 60-day period will be reassessed and may be extended. Many banks have already agreed to waive mortgage payments for 90 days if borrowers have been negatively impacted by COVID-19.
Being committed to long-term relationships, banks seek any and all alternatives to foreclosure before considering this option. If someone is still working, or still being paid, and can continue to pay their mortgage, that is good news. However, if they aren’t, lenders are prepared to assist. Homeowners should remember that open dialogue with their lender is the best way to learn about the resources and assistance to help people stay in their homes. However, it doesn’t mean by calling and speaking with your lender that you automatically receive a loan modification or free pass on your monthly mortgage.”
The association is the united voice of Nevada’s diverse banking industry. Our members are dedicated to providing the best financial products, services and resources to drive and support economic growth, job creation and prosperity throughout the state of Nevada. Visit nvbankers.org.