In many of these United States, more foreclosures are being listed than the number of houses being sold in a month. The western part of the country, especially Nevada, is among the worst to be hit by this statistic.

In the third quarter of this year, there was one foreclosure filing for every 61 households in Nevada. That’s up 23 percent from the previous quarter and more than triple the number reported in the third quarter of 2006.

For months, this surge in numbers continued. According to RealtyTrac, Nevada, Arizona and Florida had the nation’s top foreclosure rates last month. Nevada posted the nation’s highest rate for the 22nd consecutive month in October. In Nevada, one in every 74 homes received a foreclosure filing last month.

Because of this surge in foreclosure filings, not only in Nevada but all over the United States, three of the country’s largest banks have announced their plans to stop the massive rise in home foreclosures through loan modification.

In October, Bank of America after it acquired Countrywide financial, committed to reducing monthly installments yet to be paid by 400,000 homeowners. Along with such commitment, the bank also agreed to make some alterations in its financial practices across 11 states including Nevada and even reduced the balance on some mortgages.

Some few weeks later, JP Morgan Chase decided to help distressed homeowners through interest rate reductions and loan principal reduction on a temporary basis. The bank aimed at lowering their borrowers’ monthly amortizations to about one-third of their disposable income.

Another large bank that followed the loan modification scheme is HSBC. According to reports, about a quarter of their total sub-prime borrowers had already availed of loan modification and had been approved.

With this, the foreclosure figures in the state of Nevada are expected to drop when these loan modification programs are in full swing. Homeowners can now enjoy the benefits of lower mortgage payments, which is the primary goal of a loan modification agreement.