- Author: George Haines
- Published
In case you hadn’t heard, several major mortgage lenders have announced they will delay foreclosures in 23 states. Unfortunately (if you’re a Las Vegas homeowner facing foreclosure), Nevada is not one of them.
It turns out that Bank of America, JPMorgan Chase and Ally Financial (which is part of GMAC) have been extremely sloppy with the foreclosure paperwork. In one instance, a Bank of America officer confessed to signing 8,000 foreclosure affidavits in a month without even reading them. Kind of scary.
Why won’t the foreclosure delay affect Las Vegas homeowners?
Because Nevada is a “non-judicial foreclosure” state. That means a mortgage lender does not need court approval to begin the foreclosure process.
The one outside hope for Las Vegas homeowners is a lawsuit filed by a Las Vegas man alleging that JP Morgan Chase is not the bearer of his mortgage note and therefore has no right to seek mortgage payments from him. Since mortgages are bought and sold and traded by banks and other financial institutions, it’s possible that a mortgage lender may not in fact lack the proper documentation for proving home ownership. And an experienced Las Vegas bankruptcy attorney will know how to check this information for the benefit of the client.
But in the meantime, if you are having trouble with your mortgage or concerned about foreclosure, you still need to make payments and address the situation using the legal tools and strategies currently available, such as short sales, loan modifications and, when necessary, bankruptcy.
To learn more about what to do if you are facing foreclosure, please contact a Freedom Law Firm attorney at 702-903-1354 for a free initial consultation. We understand what you’re going through as well as what’s going on in the bigger picture, and we can help you get through it.
