Real estate agents in Las Vegas are in tuned to the recently passed AB 284 that went into effect October 1, 2011 but those outside of the Las Vegas real estate market aren’t too up to date.
To sum it all up, AB 284 will delay the foreclosure process. How? By increasing the requirements necessary for lenders to foreclose. In light of all the robo-signing and the increased investigations of 14 major lenders for foreclosure fraud, this Bill is meant to be one of the solutions to this ridiculous problem.
While this most likely will expose fraud and give homeowners the ability now to obtain information on who is holding their mortgage, increasing paperwork and having it recorded through the county clerk is simply going to create a huge back up in the system. With various budget cuts, it’s unlikely that the clerk’s office is going on a hiring frenzy to keep up with all the work.
The number of foreclosure filings for Clark County have already significantly dropped in the past month since the bill went into effect, literally from once were thousands of filings a month now down to hundreds.
Again, this will reduce fraud and expose fraud allowing those involved to be prosecuted and/or fined accordingly which overall is in the best interest of all homeowners, however, the back up in the system is going to be disastrous. The market is already slow, it’s only going to slow down further.