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Reid Helps Some Residents Avoid Foreclosure

People Receive Advice From Lenders, Counselors

POSTED: 2:55 pm PST February 18, 2008
UPDATED: 3:51 pm PST February 18, 2008

With the foreclosure crisis affecting so many in the state of Nevada, Sen. Harry Reid set up another mobile resource center, at the Cashman Center at 850 N. Las Vegas Blvd., hoping to save some homes.

Some homeowners said 20 percent of their neighbors are in foreclosure.

One homeowner at the center said he paid $41,000 in interest last year.

Reid spoke to people desperate to stay out of -- or get out of – foreclosure.

The mobile resource center gave people the chance to get advice from lenders, counselors and nonprofit organizations.

Reid said it was worth a shot for people who want to save their homes.

"We have about two out of five people we can't help them. Some people are so upside down, they can't be helped, and they recommend bankruptcy. We need to change the bankruptcy laws. We'll try to do that next week. Right now, if you have a farm or second home, you can file bankruptcy and re-adjust that mortgage. Your primary home, you can't. It’s against the law. We are going to try and change that," Reid said.

Reid said helping three out of five is better than nothing. He also said there's a need to crack down on predatory lenders.

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