Back in June we talked about what affect Assembly Bill 300 would have on our local Real Estate Market.
We have all heard about the increasing number of homes out there just sitting vacant.
Would the banks flood the Market with these listings or would they trickle on the market.
Last week the LVRJ had an article,
Notice of Defaults went up from 340 in June to 1,125 in July a 226% jump.
In the big scheme of things, really not that big of a deal.
We knew they were coming.
But what is next?
Well, in the meantime, NV has passed the NV Homeowner's Bill of Rights.
What's that? Good Question.
In my opinion, a couple of years too late.
Purpose of the Nevada Homeowner’s Bill of Rights
The purpose of the Homeowner’s Bill of Rights is to provide homeowners in the state of Nevada with better consumer protections, as well as fair and honest treatment in the servicing of mortgage loans in default, especially when it comes to the loss mitigation process.
Many are speculating that the Intentions of AB300 was to allow the banks to Foreclose on the Shadow Inventory, but now the NV B of R's is going to draw that process out even longer.
NV Homeowner's Bill of Rights takes affect Oct 1st.
In the meantime, we will probably see the banks rush to Foreclose on as many properties as they can
before the new Law takes affect and slows the whole process down again.
No comments:
Post a Comment