Banks File Largest Oneday Total Of Defaults For Region Monday
Banks File Largest Oneday Total Of Defaults For Region Monday
Just one day before a law kicked in making it easier to avoid
foreclosure, banks unleashed a torrent of filings to seize homes from
delinquent Las Vegas borrowers.
A total of 934 notices of default were filed Monday in Clark County,
the largest one-day total ever for the region, according to LV Default, a
Las Vegas research firm.
By comparison, 1,419 default notices were filed statewide in August, an average of 46 per day, according to RealtyTrac data.
Notices of default start the foreclosure process.
“We haven’t seen numbers like this since before AB284 was enacted,”
LV Default Director Tony Martin said today, referring to state Assembly Bill 284.
That measure, which took effect in October 2011, required banks to
submit more paperwork before seizing homes, drastically slowing the
Meanwhile, state Senate Bill 321, known as the Homeowner’s Bill of Rights,
took effect today. The law could stretch out the foreclosure process
and make it easier to avoid foreclosure through renegotiating a loan or
completing a short sale, in which a bank agrees to sell a house for less
than what’s owed on the mortgage.
The law requires lenders to have a single point of contact for
struggling borrowers, who say banks are bogged down by bureaucracy and
give conflicting information.
It also bars bankers from trying to seize a person’s home while also
pursuing a short sale at the same time, and it forces lenders to provide
homeowners with foreclosure prevention options and other information
before seizing a house.
Banks must now give advanced notice to delinquent borrowers at least
30 days before filing a notice of default. Homeowners then get 30 days
to apply for mortgage assistance; if denied, they get another month to
appeal, according to Las Vegas lawyer Troy Atkinson.
What’s more, the law will make it easier for borrowers to short sell
their home to a friend or relative and then rent or buy it back.
Banks typically don’t allow those arrangements because they don’t
want delinquent borrowers to “benefit” from their own financial woes,
according to Bill Uffelman, CEO of the Nevada Bankers Association.
Losing a house to foreclosure wreaks greater havoc on a person’s
credit rating — and thus, the ability to get another mortgage loan
anytime soon — than selling through a short sale, he said.
With a prearranged buyback, borrowers could, in theory, get a new
loan to purchase their house at a much lower price than what they
originally paid, meaning their monthly mortgage payments would be a lot
But under SB321, bankers are essentially barred from forcing
homeowners to sign an “arm’s length” agreement, which certifies a short
sale is between people who didn’t know each other before the deal came
about and who had no prior setup to lease or sell the house back to the
Now, underwater borrowers can short sell to anyone they want under SB321, as long as the bank approves the terms.
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As you all know too well by now, we were involved in the sale of our home and the purchase and financing of our new home when the transaction took a horrifying turn and began to unravel, putting us under tremendous pressure and emotional duress as well as in economic danger.
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