Right now we are seeing all the benefits of SB321 being touted by the persons who are backing it, but much remains to be seen if it is protecting homeowners as intended or simply extending the malaise of the Las Vegas real estate market.
(Las Vegas, NV) (PRWEB) October 09, 2013
With a national economy and housing market that continues to flounder in many respects, the goal of almost any family - home ownership – seems less and less of a possibility. And for those who do own a home, the prospect of it being lost due to foreclosure looms as jobs dry up and finances draw tighter.
However, in Nevada there is light at the end of the tunnel in the form of a new state law known as the Homeowners' Bill of Rights, which promises to give struggling homeowners some measure of relief; designed to safeguard property owners from unfair treatment at the hands of banks and financial institutions.
According to Shelter Realty’s top producing short sale listing agent and CDPE (Certified Distressed Property Expert) Paul Rowe, "SB321 changes the foreclosure process banks must go through and eliminates the "dual-tracking" whereby banks can continue to advance a delinquent loan through the foreclosure process while at the same time working on a modification or short sale with a borrower. What is not known at this time is the unintended consequences that will ensue from SB321. We have already seen in the Las Vegas valley, many homeowners staying in their homes for years without paying their mortgage. This new law may make it even easier to "game" the system with a decent attorney. Right now we are seeing all the benefits of SB321 being touted by the persons who are backing it, but much remains to be seen if it is protecting homeowners as intended or simply extending the malaise of the Las Vegas real estate market."
Signed into law in June 2013 and taking full legal effect as of October, the Homeowners' Bill of Rights attempts to soften many issues facing struggling homeowners. In an article, Nevada Assemblyman James Healey, a lawmaker involved with the passage of the new law, said he wanted to give the constituents of his district, suffering under the third highest foreclosure rate in Nevada, some hope.
"I had lost so much value in my home as so many Nevadans had and what was so frustrating is that the banks wouldn't even deal with you," he said. "[This law] forces banks to say: 'Have you been given all your options? Have you exercised all your options? And in the end some people may need to lose their homes."
Democratic State Senator Justin Jones, inspired to push this new Homeowners’ Bill of Rights, known as Senate Bill 321, also experienced a personal reason to do so- his own grandmother had lost her home. However, Jones hopes that homeowners in distress will find support in the measures that this new law introduces into the marketplace, including new guidelines that banks are forced to adhere to.
"They have to provide information to you before they start the foreclosure process. They have to provide a notice 30 days before they even begin that process,” he said. “They have to have a single point of contact so that you don't talk to a different person every single time."
About Shelter Realty, Inc.
Shelter Realty is a full service Las Vegas real estate and property management firm with more than a decade of experience. Their services include rental property management, short sale assistance, real estate sales representing buyers and sellers, and rental relocation assistance.
For more information please visit http://www.shelterrealty.com or call 702-376-7379.