The WHN Blog Team is taking the month of December off for the holidays. Were still as busy as the elves in the the office but its time to clear our heads of all this content and ready up for the upcoming new year.
Happy Holidays to all of you
See you in 2012.
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 arent 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 robosigning 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 its unlikely that the clerks 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 andor 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 its only going to slow down further.
In most recent news it has been announced that an independent group of consultants along with federal bank regulators will be looking into homes that were foreclosed upon by 14 major lenders between January 1 2009 and December 31 2010. Anyone keeping up with the real estate market knows that Las Vegas foreclosures were numerous during that specific timeframe.
After various complaints and suspicions further investigations decided to be conducted to uncover any foul play by the lenders and their employees. Many of these corporations are being accused of robosigning the illegal processing and obtaining of signatures on foreclosure documents quickly without going through the proper procedures.
If after thorough review of these foreclosures the lender is found to have repossessed a home without going through the proper channels former homeowners may be entitled to compensation.
Homeowners who lost their homes between the dates of January 1 2009 and December 31 2010 with 1 of the 14 listed lenders being investigated who believe that their primary residence was unfairly foreclosed upon can call 18889529105 and request a form to fill out and return no later than April 30 2012. If the complain meets the requirements more action will be taken to determine compensation.
For additional information such as the list of lenders and call center hours head to independentforeclosurereview.com.