New protections for struggling homeowners Oct. 1

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Updated: 9/29/2013 9:55 pm

LAS VEGAS (AP) — Nevada homeowners facing foreclosure will have a new set of protections come Oct. 1.

The Homeowner's Bill of Rights takes effect Tuesday.

The state law aims to reduce the runaround by requiring lenders assign a single point person to a borrower's case.

It bans banks from pursuing foreclosure at the same time a borrower is negotiating a short sale. And it requires 30 days of advance notice before a bank files even the first notice that a borrower has defaulted.

Sixty percent of Nevada borrowers already have these protections because their lender was one of five in a giant, national mortgage settlement finalized last year.

The bill is one of many attempts by state lawmakers to usher in housing recovery in Nevada, where nearly four in ten homeowners are underwater.

©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!

What's On

All content © Copyright 2014 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.