NEW NV LAW AIMED AT ROBO-SIGNINGS
Assembly Bill 284 requires a lender seeking to foreclose in Nevada to record a notarized affidavit of authority to foreclose that includes information that they have the legal right to exercise the power of sale.
This new law protects homeowners from improper foreclosures and protects the integrity of the home ownership system, the Nevada Attorney General said.
It was crafted largely in response to the robo-signing scandal that surfaced last year. The law also gives Nevada homeowners access to data on companies that hold their mortgages by requiring that documents used in foreclosures be recorded in the county where the property is located, a challenge to the Mortgage
Electronic Registration System, or MERS.
This new foreclosure process needs to work its course, said Victor Joecks, communications director for Nevada Policy Research Institute.
(Please read previous blog about short sales referring to this new law.)
Some realtors feel the world is coming to an end because of the delayed foreclosure process while others say its only a speed bump and things will
be fine in a month or so. WHO KNOWS?
Perhaps this law will convince other high foreclosure states to act or maybe
the Federal Government will expand it to other areas.