At the bottom of this blog is a description of the full benefits. Briefly, it takes the “bad acts” listed in the Attorney General Catherine Cortez Masto’s master settlement against the five major banks and outlaws them in Nevada by both large and small lenders. It then gives remedies to those hurt by bad actors and stops the ways that lenders may evade compliance with the law.
The purpose of this bill is to increase predictability for all parties involved in the foreclosure process and provide strong but fair accountability measures by extending protections to all residential mortgages written in Nevada. This should also speed up the processing of foreclosure for those borrowers without options to avoid foreclosure.
SB321 will help curb unfair foreclosure practices, so that more Nevadans who qualify for loan modifications can avoid foreclosure and keep their homes. Reducing foreclosures will help stabilize the state’s housing market and help limit the terrible impacts this crisis has had on families, communities and our economy.
Sen.Tick Segerblom (Chair) email@example.com
Sen. Ruben Kihuen (Vice – Chair) Ruben.Kihuen@sen.state.nv.us
Sen. Mark Hutchison Mark.Hutchison@sen.state.nv.us
Sen. Justin Jones (Bill Sponsor) Justin.Jones@sen.state.nv.us
Sen. Scott Hammond Scott.Hammond@sen.state.nv.us
Sen. Aaron Ford Aaron.Ford@sen.state.nv.us
Sen. Greg Brower Greg.Brower@sen.state.nv.us
Nevada Homeowner Bill of Rights
The purpose of the Nevada Homeowner Bill of Rights is to increase predictability for all parties involved in the foreclosure process and provide strong but fair accountability measures by extending protections to all residential mortgages written in Nevada. This should also speed up the processing of foreclosure for those borrowers without options to avoid foreclosure.
Borrowers must be sent a pre-foreclosure notice that includes a summary of all loss mitigation options offered, account summary, facts supporting the right to foreclose, and a notice that the borrower may request a copy of the loan note and the identity of the investor holding the loan.
Mortgage ServicesNeither a Notice of Default nor a Judicial Foreclosure shall be initiated unless and until the mortgage servicer shows, through documented proof, that it holds the beneficial interest and has the legal standing to foreclose on the property.
A Notice of DefaultA Notice of Trustee Sale shall be required within 9 months of a Notice of Default. A new Notice of Trustee’s Sale shall be required if the Trustee’s Sale is not completed within 90 days.
Borrowers may seek injunctive relief to stop material violations of the law.
A defendant in a Judicial Foreclosure Action has the option of electing to participate in the Nevada Foreclosure Mediation Program.
Any breach of these provisions is also considered a deceptive trade practice under NRS 598 and the remedies and damages available under NRS 598 are available to the borrower.