NORTH LAS VEGAS (KSNV/MyNews3.com) -- The North Las Vegas council voted against eminent domain which used to help underwater homeowners in North Las Vegas.
The controversial plan would have refinanced mortgages and then sell them back to homeowners at a much lower rate.
If banks didn't go along with the deal, the city would have used eminent domain to get the property.
Now that North Las Vegas passed on seizing underwater home mortgages, homeowners will have to look for other options. Councilman Isaac Barron says he and other council members are willing to help.
"We're going to find a solution. It's going to take a little bit longer. Have a bit of faith and everyone needs to be reminded that we as city councilmen also are in the same predicament as many of our residents," Barron said.
There are other programs that homeowners can explore, and Barron wants to make sure as much information will be provided to residents.
"I plan to have a really good Town Hall which is Ward 1 here, that will follow up on that and will also follow up on what the bankers and the state leaders have also said," Barron said.
The City of North Las Vegas is also promoting a work mortgage modification outreach event later this month with Nevada Legal Services.
"Every loan, every case, everything is different. We wouldn't, you wouldn't know exactly what is out there for you until you reach out to your lender and see if there is a loan modification you can do through the government or a loan modification through their own lender," said Yrene Chavez, a housing counselor at Nevada Legal Services.
Chavez says bankers will work with you as long as you're living on the property, so don't give up hope.
The outreach event to help homeowners happens September 19 from 4:30 p.m. to 7:30 p.m. at the Las Vegas Library on Las Vegas Boulevard North.