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More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.

Station Casinos to Reorganize Under Chapter 11

Station Casinos and its subsidiaries have announced that they have filed a Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code.

As part of the plan, the mortgage lenders that are holding debt secured by Red Rock Casino Resort Spa, Palace Station, Boulder Station, and Sunset Station will become the equity owners of a newly-formed company and will sell 46% of the equity to Frank Fertitta III and Lorenzo Fertitta, who will make a significant new investment to purchase their equity in the new company. 

The remaining equity will be owned primarily by the Propco Lenders and Colony Capital, who will also be making a new investment in the company.  Fertitta Gaming, will also manage the Propco Properties under a long-term management agreement.