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Notice Of Defaults Under Attack in Las Vegas, NV.
I find it interesting that the same players involved with sub prime loans are also being named in deceptive foreclosure by robo signing and now defective notices of defaults. Yet the government is accepting the banks internal audits that they have not done anything wrong.
Notice of Defaults Under Attack In Las Vegas, NV.
 
We are all familiar with the Robo Signing scandal which delayed foreclosures in judicial states.{ about half of the nation} back in October.  Call this part 2 of the scandal.  The new attack is focusing now on non judicial states.  A non judicial means you don't have to go to court to foreclose.
 
The attack is on the Notice Of Default.  A Notice Of Default is a notice sent by the bank to the borrower putting them on notice that they are delinquent on the loan and should bring it current.  It states that the Notice of Defaults were handled improperly and now the foreclosures are invalid.  This affects Nevada, California, and Arizona so far.  So, it looks like distressed loan pipelines will get out of control in the 1st quarter.  Look for a slowdown in these states.
 
                                                                                                                              
Bank of America reported that ... more

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