October 1, 2013 the Home Owners Bill of Rights goes into effect here in Nevada. This is new and different from Assembly Bill 284The new bill:
• Requires that at least thirty days before recording a notice of default and election to sell, or commencing a judicial foreclosure action, and at least 30 days after the borrower's default, the mortgage servicer must provide to the borrower (1) information concerning the borrower's account, (2) foreclosure prevention alternatives, and (3) a statement of the facts supporting the right to foreclose.
• Prohibits the recording of a notice of default and election to sell, or the commencement of a judicial foreclosure action involving a failure to make payment, until the servicer makes contact with, or attempts to contact the borrower.
• Prohibits a mortgage servicer from continuing the foreclosure process while an application for a foreclosure prevention alternative is pending, or while the borrower is current on his or her obligation under a foreclosure prevention alternative.
• Requires a mortgage servicer to provide a single point of contact for a borrower who requests a foreclosure prevention alternative.
• Requires that under certain circumstances, a mortgage servicer, mortgagee or beneficiary of a deed of trust must dismiss a judicial foreclosure action or rescind a recorded notice of default and election or notice of sale.
This bill applies only to a notice of default and election to sell which is recorded on or after October 1, 2013, and does not apply to a financial institution that, during its preceding annual reporting period, has foreclosed on 100 or fewer owner-occupied homes in Nevada. Lastly, this bill provides civil remedies for any material violation of its provisions.
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Kim Duclos
Wardley Real Estate
(702) 521-3939
