Marc Guzman's West County Blog

Check this out… Nevada recently passed a new law that makes it a felony (yes that is right, a FELONY) if a mortgage servicer commits false representations concerning title to a property.  This is Nevada Assembly Bill 284, which also imposes a $5,000 fine if any type of fraud is detected, now requires mortgage servicers to provide additional documentation during the foreclosure process.  The additional documentation includes requirements such as the total amount due on the mortgage, who is in possession of the note and who is authorized to foreclose.

This is legislation has had a quickly-impacting effect because immediately following the passing of this bill, foreclosures in Nevada came to halt.  Foreclosure starts, also known as Notice of Defaults, which are the beginning stages of the foreclosure process dropped 81.47% in October from the month of September.  Stockton has now overtaken Las Vegas as the country’s foreclosure capital.