The newly implemented foreclosure proceedings law in Nevada has greatly reduced the number of foreclosures filed by banks over delinquent homes. The difference has been astonishing, as the law went into effect October, only 600 default notices were issued, compared to 5,360 the month before.
The new law requires banks to personally review all paperwork and cases before allowing them to file the foreclosure proceedings with the courts. Failure to comply with the strict rules now can result in criminal liability for fraudulently attesting to residential real estate’s title.
Nevada is following the steps of other states, which have similarly created a much more strict proceedings requirement for banks to file for foreclosure. However, the effects have been much moire sharp in Nevada, as the state allows foreclosures to proceed outside of court view, through a specialized administrative process.
