September 17, 2014
CARSON CITY, Nev. (AP) - Struggling Nevada homeowners facing possible foreclosure would be given added protections against a confusing process and advised of ways to try to keep their homes under a bill heard by an Assembly committee.
SB321, known as the Homeowner's Bill of Rights, requires lenders to inform borrowers of possible alternatives before filing a notice of foreclosure.
Additionally, it would prevent lenders from simultaneously initiative foreclosure proceedings while a loan modification is being considered, a practice known as "dual-tracking."
Lenders also would have to decide on a whether a borrower qualifies for a loan modification before initiating foreclosure.
Nevada has the highest foreclosure rate in the nation.
The bill has already cleared the Senate.
No action was taken Thursday by the Assembly Judiciary Committee.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.