Skip to main content

No More Foreclosures?

By now, most people have heard that many of the major lenders have stopped foreclosures in certain states because of problems with documentation.  Put very briefly, bank employees were signing affidavits which said they had reviewed the documents associated with the foreclosure when, in fact, they had not looked at the documents.  How will this affect Nevada?  As is often the case, it depends.  Nevada is a nonjudicial foreclosure state.  The states affected by the, dare we say it, fraudulent affidavits are judicial foreclosure states.  The difference is that judicial foreclosures are processed through the courts.  Nonjudicial foreclosures are processed without court intervention.  Nevada is not one of the states in which foreclosures are being postponed.  That said, the problem with documentation and foreclosures may improve the short sale process.  If foreclosures are blocked due to documentation issues, lenders may view short sales as the answer to these problems.  For more information on foreclosure options, feel free to contact us through our website.

Leave a Reply

Your email address will not be published. Required fields are marked *