NEVADA MAKES ILLEGAL FORCLOSURES A FELONY

Posted by revolt | NEVADA MAKES ILLEGAL FORCLOSURES A FELONY | Tuesday 25 October 2011 5:41 pm

NEVADA MAKES ILLEGAL FORECLOSURES A FELONY

November 7, 2011 by POPEYE

(Mike Colpitts) Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of ownership.

The outcry of consumer complaints over illegal robo-signing tactics has produced a series of lawsuits against mortgage servicing companies and banks in Nevada, which has led the U.S. in foreclosures six straight years.

The Nevada law makes it a felony for a mortgage servicer or trustee of a mortgage to make false representations concerning a title such as claiming that they are an executive of a bank or mortgage servicer, which was the case in at least hundreds of thousands, perhaps millions of robo-signings.

A $5,000 fine will also be assessed if fraud is found. The law requires mortgage companies to provide a new affidavit with the amount owed on the loan, the person who is in possession of the note and the individual with the authority to foreclose on the property.

Some 26 U.S. states conduct foreclosures through the courts, but the new law does not make Nevada a judicial foreclosure state. Foreclosures have been delayed in many cases since the law went into effect Oct. 1, 2011.

Cathe Cole, vice president of default for Trustee Corps., and foreclosure counsel in Nevada for Freddie Mac said as long as trustees can show a clear chain of title, including the named servicer of the mortgage there would be nothing for companies carrying out foreclosures to fear. “They just want to make sure we’re doing things correctly,” said Cole.

Nevada’s state attorney general is attempting to halt illegal foreclosure practices such as robo-signing with the new law, which they believe are still taking place. Proof of ownership title is critical to the chain of title. If the proof has been lost or never forwarded to a mortgage servicing company the foreclosing party may have no right to formally foreclose and take the real estate.

The Nevada law could provide an example for other states to follow implementing the new law. Homeowners throughout the U.S. have filed lawsuits against mortgage servicing companies alleging fraud in foreclosure proceedings used to formally repossess their homes after Mortgage Electronic Registration Systems (MERS) reportedly failed to provide the physical documents on foreclosures their electronic system was used for to provide foreclosures through. MERS ordered mortgage servicers and banks to halt foreclosures in its name earlier this year.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
These microbes compete for nutrients from the food you eat get levothyroxine online no prescription the drugs are used to kill bacteria. certainly, many people have benefited from using them buy antibiotics without prescriptions this chapter addresses the possibility that antibiotics may help fungi to proliferate within the human body can i buy amoxicillin over the counter as an adult human, you have three to four pounds of beneficial bacteria and yeast living within your intestines ordering bactrim online yeasts are opportunistic organisms. this means that, as the intestinal bacteria die, yeasts thrive, especially when their dietary needs are met where can i buy propecia this results in a syndrome called leaky gut. yeasts are not the only possible cause of this syndrome lynoral buy this practice not only possibly contributes to antibiotic resistance in humans tetracycline to buy as an adult human, you have three to four pounds of beneficial bacteria and yeast living within your intestines order cipro online i don,t know if larger doses are in fact administered to people buy online levothroid simply put, antibiotics are poisons that are used to kill. only licensed physicians can prescribe them clavulanate purchase i,ll assume that the same toxicity scale remains in place today purchasing bupropion online some scientists have linked non-steroidal, anti-inflammatory drugs (nsaids) such as naproxen and ibuprofen to the problem aciphex to buy online yeasts grow unchecked into large colonies and take over, in a condition called dysbiosis where to buy pharmacy when you do so, you upset the delicate balance of your intestinal terrain erythromycin buy i,ll assume that the same toxicity scale remains in place today purchase acillin however, if bacteria were the only organisms that antibiotics killed, much of this book would be unnecessary antibiotics without prescriptions buy yeasts grow unchecked into large colonies and take over, in a condition called dysbiosis