November 2011

There are 2 blog entries for November 2011.

Las Vegas Homeowners --- Who Really Owns your Loan?

Thursday, November 24th, 2011 at 7:39pm. 1087 Views, 1 Comments.

Who Really Owns Your Home Loan?

Just Because you send your Mortgage Payment to Bank of America does not Mean that Bank of America actually owns your Home Loan.I was recently reminded of just how confusing this was when a client of mine who works for a big bank asked what I meant when I updated him to let him know that the final Short Sale Aproval was submitted for a "final" approval by the investor that actually owns the loan.

This whole time he thought it was up to "Big Bank" to approve the short sale... So it threw him off a little when I had to explain that "Big Bank" was just a loan servicer and the entity that actually owned the loan was Fannie Mae.

He's been sending his payments into "Big Bank" but this whole time... that big bank was just "servicing" the loan.

Think of it like you are renting a home managed by a Professional Property Management company. You make the rent…


New Nevada Law Puts Brakes on Foreclosure Notices Filed in Las Vegas

Thursday, November 17th, 2011 at 10:43am. 1315 Views, 4 Comments.

Effects of Assembly Bill 284 Now Evident

Well... it's been over a month since AB 284 went into effect and the numbers are out. Check out the updated chart showing the big drop in Notices of Defaults filed in Las Vegas for October of 2011. 

Notice of Defaults filed in Las Vegas drops significantly due to AB 284 going into effect

What is AB 284?

The simplest article I've read explaining it can be found here.

Besides the basic new requirements, take note of the following statement:

"Failure to comply is subject to a civil penalty, and the penalty to make false representations concerning property title was increased from a gross misdemeanor to a category C felony."

That should certainly make Robo Signers think twice such as the ones that were recently indicted in Nevada for 606 counts of Robo Signing.

What does it mean for the big picture for Las Vegas…