While similar decisions have been going on across the country, the Nevada Supreme Court has sided on three separate occasions with homeowners who claimed that their banks foreclosed on their homes without following the rules correctly.
Lawsuits Against Lenders
On more than one occasion, the court found the bank guilty of not operating “in good faith” with the homeowners or the state’s foreclosure mediation program. Nevada leads the entire nation with the amount of foreclosures that have occurred in the state, so Nevada has been attempting to enact measures to make it easier for homeowners to keep their property.
However, some lenders have been proving less than trustworthy when it comes to adhering to the law – homeowners are now filing charges against lenders in Nevada. These homeowners are claiming that the lenders either did not have proper documentation during the foreclosure process, or they did not send an individual with the correct decision-making authority to the foreclosure mediations.
In these three recent cases, the Nevada Supreme Court agreed with the allegations of the homeowners. The banks are now facing stiff sanctions and could possibly end up paying other penalties as well.
It’s important to stay aware of your rights as a homeowner during the process of foreclosure as well as keeping track of all of the paperwork that goes along with attempting to get a mortgage modification or a deferral. If you feel as though you have been taken advantage of during the mortgage modification process, there are legal avenues to turn to for help. Be aware of your rights as a homeowner, and be sure that the lender is aware of them, as well!