Homeowner’s Bill of Rights
The real estate market is currently a hot topic among Nevadans. Speculation abounds regarding the stability of the market, the number of “underwater” homes and whether the market can sustain the recent upward trends in home values. While foreclosures in Nevada had been steadily decreasing, they are again on the rise. Nevada had the second highest foreclosure rate of any state in the first quarter of 2013 according to a recent study by RealtyTrac. http://www.realtytrac.com/ The study also found Nevada had an 88% increase in foreclosures in March 2013, when compared to March 2012. With foreclosures picking up again, guesswork continues on “what’s coming next.”
In response to the increasing speculation, Nevada lawmakers have introduced SB 321 – also known as the “Homeowner’s Bill of Rights.” SB 321 has made it out of the Senate Committee on Judiciary and, as the name suggests, would provide additional protections for Nevada homeowners. One of the main provisions of the bill is the restriction on mortgage loan servicers from engaging in “dual tracking.” Dual tracking refers to servicers considering a homeowner for a loan modification while also taking steps to foreclose on the home. This provision, advocates say, would allow for more Nevadans to stay in their home.
While the “Homeowner’s Bill of Rights”, which was recently enacted in California, will undoubtedly provide important rights to homeowners, the question of where the real estate market is heading remains largely unanswered.