NEVADA: NEW LAW EFFECTIVE OCTOBER 1: FORECLOSURE FRAUD REFORM

NEVADA NEW ‘FORECLOSURE FRAUD REFORM’ BILL TO TAKE EFFECT OCTOBER 1

EDITOR’S COMMENT: One small step for mankind…. Requiring them to record any document relied upon in the chain of title to demonstrate their right to foreclose will not stop them, although it could slow them up a bit. The real piece here is the requirement of an affidavit, which is sworn under oath and establishes, with exhibits that the pretender is the party who can and should foreclose.

Who is going to sign it? With criminal charges pending against Wells Fargo and whistle-blowers headed for law enforcement to make deals, it seems unlikely that anyone will. But who knows? Upper management will never sign the affidavits unless they are sanitized to say virtually nothing, which then will put at issue whether the affidavit is sufficient. The lower paid robo-workers are not likely to do it unless they don’t realize what they are signing.

I think the most important part of this legislation is that it takes a baby step toward legislative mandate and recognition that something is going wrong in the courts and that Judges are going to at least notice that this happened. The real issue is shame —- those who feel it and those who cause it. Deep down most people seem to feel that they owe the money so they should lose their homes. They admit the default and they admit the payments were not made when in fact they have no idea whether or not the payments were made to the real creditor or if there is any creditor now because they were paid off.

I was explaining this yesterday and I used this analogy. Maybe this will help those who are being accused of seeking a free house when in fact they are seeking to protect their homes from thieves. If John  Smith snatches a woman’s purse in crowded jostling parking lot and then loans the money from the bag to you, who do you want to pay? Would you admit that you took the loan and agree to pay the criminal, John Smith, or would you say, wait, unless I know the money is going to the woman whose purse was snatched I’m not paying anything to reward the thief for his crime!

STOP THINKING YOU DID SOMETHING WRONG. YOU DIDN’T STEAL THE PURSE (I.E., THE MONEY FROM THE PENSION FUNDS) WALL STREET DID IT. AND YOU ARE A PERSON OF DIGNITY AND POWER TO DECIDE WHETHER WALL STREET GETS AWAY WITH SNATCHING THE PURSE. FIGHT ON!

Catherine Cortez Masto, Attorney General
555 E. Washington Avenue, Suite 3900
Las Vegas, Nevada 89101
Telephone – (702) 486-3420
Fax – (702) 486-3283
Web – http://ag.state.nv.us

FOR IMMEDIATE RELEASE
DATE: September 29, 2011

Contact: Jennifer López
702-486-3782

ATTORNEY GENERAL CORTEZ MASTO AND ASSEMBLY MAJORITY LEADER
CONKLIN ANNOUNCE NEW ‘FORECLOSURE FRAUD REFORM’ BILL TO TAKE
EFFECT OCTOBER 1

Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto and Nevada Assembly Majority
Leader Marcus Conklin announced that the new ‘Foreclosure Fraud Reform’ law will take effect on
October 1, 2011.

“This new law helps protect Nevadans from improper foreclosures and protects the integrity of the
system for homeowners,” said Cortez Masto. “I was pleased to work with Majority Leader Conklin on
this important bill that creates security, legitimacy, and transparency in the foreclosure process.
Assembly Bill 284 will protect the Silver State’s housing market by ensuring homeowners and
prospective purchasers can get a clean chain of title and are treated more fairly.”

“There have been widespread instances of foreclosures based on false, improper or incomplete
documents throughout the nation over the past few years,” Conklin said. “This new law is part of our
ongoing commitment to prevent foreclosure fraud in our state and to ensure that the Attorney General
has the tools necessary to prosecute those who defraud homeowners.”

The bill gives Nevada residents access to information on the companies that hold their mortgages by
requiring the documents used in the foreclosure process to be recorded in the county where the
property is located. Additionally, the legislation requires a party seeking to foreclose in Nevada to
record a notarized Affidavit of Authority to Foreclose that includes information showing that the party
seeking to foreclose on the property has the legal right to exercise the power of sale. AB 284 also
strengthens the Attorney General’s enforcement authority over foreclosure fraud, and gives property
owners a new right of action to enforce their own legal rights in foreclosures.

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www.StopForeclosureFraud.com

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dinsfla – who has written 2465 posts on FORECLOSURE FRAUD | by DinSFLA.

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