VIA: HousingWire.com...
“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems," CEO James Saccacio said. "However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery."
Nevada state Assembly Bill 284 took effect Oct. 1, making it a felony if a mortgage servicer or trustee commits false representations concerning a title. There will also be a $5,000 fine assessed if fraud, such as robo-signing, is detected.
Servicers are required to provide a new affidavit that provides the amount due on the mortgage, who is in possession of the note and who has the authority to foreclose.
Although Las Vegas doesn't hold the top foreclosure rate among cities anymore, the state of Nevada is still plagued by foreclosure problems. One in every 180 homes in Nevada received a foreclosure filing in October. Despite that being a 34% drop from the previous month, it's the still the state with the highest foreclosure rate in the country for the 58thconsecutive month.
VIA: HousingWire.com and RealtyTrac.com
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