New Protections for Struggling Homeowners Oct. 1

By: AP Email
By: AP Email

LAS VEGAS (AP) - Nevada homeowners facing foreclosure will have a new set of protections come Oct. 1.

The Homeowner's Bill of Rights takes effect Tuesday.

The state law aims to reduce the runaround by requiring lenders assign a single point person to a borrower's case.

It bans banks from pursuing foreclosure at the same time a borrower is negotiating a short sale. And it requires 30 days of advance notice before a bank files even the first notice that a borrower has defaulted.

Sixty percent of Nevada borrowers already have these protections because their lender was one of five in a giant, national mortgage settlement finalized last year.

The bill is one of many attempts by state lawmakers to usher in housing recovery in Nevada, where nearly four in ten homeowners are underwater.

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