http://www.lasvegas1realestate.com Hello, Jillian Batchelor with The Batchelor Group. Exciting news for you today because there are updates to the short sale and foreclosure market. With the senate bill 321 coming to the market on October 1, 2013 everyone is asking, "What does that mean for me?" As the new law regarding Nevada foreclosure law was looming, Senate bill 321 and the banks created a landslide of foreclosures due to the foreclosures on home owners in Las Vegas that were delinquent on their mortgage payments. There were 934 notice of defaults filed recently in only one day in Clark County, Las Vegas. According to Las Vegas Default, a Las Vegas research firm, this was a single largest day of default notice filings in the area. A notice of default is the item which begins the Nevada foreclosure process. Now in August, there were only 1419 notice of default for the entire state of Nevada, so you can see how 934 for Clark County, our county, is record breaking. The law AB Assembly bill 284 created a major decline in Nevada foreclosure in October 2011. This law required bank employees to sign a legal affidavit admitting that they personally inspected all of the documentation and paperwork that was entirely accurate before they could start a foreclosure proceeding, and if it turned out that their due diligence was incorrect and that they could then be personally liable and they could face persecution and criminal actions and financial penalties. Well meanwhile the state senate bill 321 called for homeowners bill of rights took effect October 1, 2013. This law places more restrictions on trustees power to sell an owner occupant property on a judicial foreclosure that requires two residential mortgage loans secured by owner occupant housing. This law could stretch out the foreclosure process and make it easier to avoid the Nevada foreclosure renegotiating process and a loan completely through a short sale. SB 321 requires lenders to have a single point of contact for a delinquent borrower to avoid conflicting information. The homeowners bill of rights also prevents the banks from foreclosing at the homeowner on the same time Nevada homeowners are trying to complete the short sale. The banks are also required to give the homeowners foreclosure prevention options, taking back the property. This is called dual tracking. The lenders are required to give advanced notice to a struggling borrower no less than 30 days before the notice of default, or the NOD, is filed. At this time the homeowner will get 30 days to apply for help with their mortgage. If they are denied that help they will get another 30 days to appeal. And then the big news comes with senate bill 321 is the ability to short sale the home to a relative or a friend and then buy it back or rent it back. I'm sure all of you out there heard this. This was completely forbidden by banks previously. The banks were concerned that the homeowners could sell to a friend or a family member and then get a new lesser loan and buy back the property for less then what they originally paid, after the bank was penalized by having to take a lesser payoff on the mortgage. Previously, the homeowners were required to sign an arms length addendum saying nobody in the transaction knows each other. The new law pretty much prohibits such a document. This means that they homeowner can do a short sale and sell to anyone, provided that the bank approves the Las Vegas short sale. So when you are ready to begin the short sale process, please contact The Batchelor Group at 702-823-3801. Again that's 702-823-3801 and speak with our team of Las Vegas short sale specialists today. And if you're not sure if you have equity in your home or if you will be facing a short sale please visit us on the web at http://www.lasvegas1realestate.com. Thank you so much and have a fantastic day. And we look forward to working with you. The Batchelor Group 6955 N Durango Dr #1004 Las Vegas, NV 89149 (702) 823-3801

• published: 25 Oct 2013
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