Nevada Examines Impact of New Foreclosure Law
Earlier this year, the state of Nevada passed a law that made it easier for banks to initiate foreclosure by lowering the initial requirements for a foreclosure filing.
Now, a new law could run counter to that by adding more regulation in an effort to protect homeowners who are facing foreclosure in the Silver State.
After the law takes effect, a bank is required to give you thirty days’ notice before it gives you an official notice of default, which is the beginning of the foreclosure process. If you’re trying for a loan modification to stop foreclosure, you’ll also receive confirmation that the bank received your application – with a decision to come 30 days later.
This last portion is advantageous for homeowners because it helps to ensure that more foreclosure-driven loan modifications will be considered by banks in a timely manner. Loan odifications have been a terrific tool for stopping foreclosures throughout the country, so anything that helps that process is a boon for homeowners.
Also, considering the problems Nevada has and has had with foreclosures – the state now boasts the nation’s highest foreclosure rate with one out of 359 properties in the process, a rate that went up 10.8% from August 2012 to August 2013 – this consumer-friendly mortgage modification move could be very positive.
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