The state of Nevada has had a hard time of it in the housing crash and its aftermath. Even now, Nevada ranked dead last in terms of nationwide foreclosure rates for 2013. Three months ago, the state passed a new law easing foreclosure requirements, but just this week another new law adds more complications to the process.
Foreclosure Law Causes Debate
According to the foreclosure lawyer, the laws are somewhat contradictory, and are representative of the complex and conflicting issues facing the state in its housing crisis. Essentially, there are two sides to the story: on one side are those who think that protecting homeowners’ rights should be at the forefront, and on the other those who believe that accelerating the foreclosure rate will drive the housing market to a speedy recovery.
The first law eased the foreclosure requirements for banks, allowing them to move into foreclosure proceedings at a more rapid rate. This law clearly favored the second camp. The newest law re-complicates things, requiring banks to inform potential foreclosure homeowners of alternatives such as short sale and mortgage modification. It also puts the power in the hands of homeowners who apply for modifications, giving them 30 days to file, 30 days to amend and the right to appeal the decision if it is not in their favor. All this seems like it will drag out foreclosure proceedings over an interminable period.
One thing is certain in Nevada, and that is that everyone wants the housing market to get back on track. Just how to accomplish that is what has the state divided.