Our local public radio station KNPR has been doing a bang up job of covering the massive effects of living in ground zero of the foreclosure crisis. In some Las Vegas neighborhoods EVERY OTHER HOUSE is empty or on the way to foreclosure. In my neighborhood, there are at least 15 homes for sale or empty on just my street. A few weeks ago, someone who was looking at the property across the street told me it was on the market, bank-owned, for $127,900. The house was over $400,000 new! My house in Summerlin that was foreclosed on sold recently for $114,400. The last time I refinanced it, it was valued at $280,000. These are not exceptions. Most houses in Vegas have lost over 25% - 50% value from mid 2007 prices. No bank is going to re-fi a loan that is underwater like that. Even if you bank does offer a re-work of the mortgage, the process is so slow, tedious and CONFUSING. It can also hold nasty surprises like sky-high fees that make your payment HIGHER than it was before.

I recently wrote in to State of Nevada with an idea for a future show on how to deal with the fallout once you take the red pill. For a number of reasons, I walked away from my home of ten years and let it go to foreclosure. Don't get me wrong. I tried numerous things to salvage the situation - short sale, refinance, workout, deed in lieu of trust, $1500 in attorney fees to consult on the type of mortgage I had. It was not an easy decision. I have worked very hard FOR YEARS to recover from some poor credit decisions in my youth and had gotten my score up into the high 600's/low 700's. I knew this would destroy all that hard work and follow me for years, but none of the options I tired were successful. This just goes to show, getting your home foreclosed on in these current times doesn't make you a deadbeat. If you owe $150,000 more than it's worth and can't short sale, in all honesty, you have very few options.

So now, I've been looking everywhere for good information on what I should do now that I am on the other side of foreclosure. Do I HAVE to file bankruptcy? Just how long does the bank have to file judgment against me? What if they don't? How does this affect my otherwise good credit? The show's host and producer have both contacted me and I'll probably be on the show next week if we can work out scheduling around my evening photoshop class. I hope my experiences and my story can help others find answers and get their life back on track.

In the meantime, I was only too happy to agree when the station manager emailed and asked if they could use a part of my comments on their Hope@Home website, a resource guide for Las Vegas residents who are in foreclosure, facing foreclosure or who have been foreclosed upon.

Note: If you are having trouble getting a grip on this crisis, I encourage you to find your local public radio station and tune in or go visit Planet Money and This American Life for great stories on the unfolding crisis.