Controversial plan to help homeowners up for vote in NLV
A foreclosure crisis still rocks the city of North Las Vegas, but one group called Mortgage Resolution Partners is proposing a controversial solution for underwater homeowners.Photo: Video by ktnv.com
North Las Vegas, NV (KTNV) -- A foreclosure crisis still rocks the City of North Las Vegas, but one group called Mortgage Resolution Partners is proposing a controversial solution for underwater homeowners.
"Ours is the only program I'm aware of that deals with the fundamental problem," partner Byron Georgiou said. "People owe too much on their homes, far beyond what the home is worth."
Georgiou explained the plan like this, the City of North Las Vegas will take over underwater mortgages through eminent domain and the homeowner can then find a new affordable loan provided by Georgiou's third-party investors.