Nevada Foreclosure Deal

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RENO (AP) - According to some key lawmakers, Nevada might follow
California's lead by enacting legislation intended to fight the
foreclosure crisis.

The Legislative Commission's Subcommittee to Study Mortgage Lending and Housing Issues on Monday will consider recommendations for the 2009 session.

A report found that Nevada had the highest foreclosure rate in the nation in the second quarter, with one in every 43 Nevada households receiving a foreclosure filing over the period.

Assemblywoman Sheila Leslie, D-Reno, described the provisions of
the California law as "common-sense measures" that should also
apply to Nevada.

Among other things, the law prohibits lenders from filing a default notice, which typically precedes foreclosure, unless they have scheduled telephone or in-person interviews with borrowers to
discuss loan options.

It also requires mortgage holders to provide a 30-day warning before filing a default notice.

Bill Uffelman of the Nevada Bankers Association says homeowners
in Nevada already get more than sufficient notice prior to a foreclosure.