Nevada has held the number one spot in state foreclosure rankings for 56 consecutive months, according to August data from RealtyTrac. In fact, for the month of August, one in every 118 homes received a foreclosure filing.
[IMAGE] While foreclosures cannot always be prevented, the state is taking steps to protect homeowners facing foreclosure.
A new ""Foreclosure Fraud Reform"" law will go into effect in Nevada October 1. The law Ã¢â‚¬" highlighted in an announcement Thursday by the state's Attorney General Catherine Cortez Masto and the state's Assembly Majority Leader Marcus Conklin Ã¢â‚¬" is aimed at protecting homeowners from unlawful foreclosure actions.[COLUMN_BREAK]
Under the new law, foreclosure filings must be processed and recorded in the county in which the property in question is located. This component of the law gives residents easier access to information on the companies that own their mortgages.
The party seeking the foreclosure must file a notarized affidavit of authority to foreclosure demonstrating their legal right to foreclose on the property.
The bill also offers both property owners and the attorney general more authority to enforce the borrower's legal rights in foreclosure cases.
""This new law helps protect Nevadans from improper foreclosures and protects the integrity of the system for homeowners,"" said Cortez Masto.
""There have been widespread instances of foreclosures based on false, improper or incomplete documents throughout the nation over the past few years,"" Conklin said.
""This new law is part of our ongoing commitment to prevent foreclosure fraud in our state and to ensure that the Attorney General has the tools necessary to prosecute those who defraud homeowners,"" he added.