Notice Of Defaults Under Attack in Las Vegas, NV.

By
Real Estate Agent with Century 21 Aadvantage Gold, 702-719-2100

spiderNotice 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.

 

                                                                                                                               purple man

Bank of America reported that they have already tested the Notice of Default at the time they tested the Robo Signing.  They are moving forward with their foreclosures as planned.  Chase and Wells said they did not stop the Notice of Default, and did not say whether they will do so.

 

affordable foreclosures in Las Vegas

 

Notice Of Defaults are sent out daily.  If you would like to have them sent to you on a daily basis via email send your information to pyoestc21@aol.com

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Kenny Salame 01/28/2011 04:12 AM
Groups:
Hyper-Local
LAS VEGAS - NEVADA
Posts to Localism
"Whacked"!!!
Tags:
notice of defaults
robo signing
foreclosure crisis

Spam prevention
Show All Comments
Rainmaker
291,454
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

There was an interesting article in the San Francisco about consumer class action suits against these same banks.  This is unforgivable that this is allowed at any level.  

Jan 27, 2011 05:55 PM #1
Rainmaker
78,604
Kenny Salame
All Western Mortgage Broker # 14210 - Las Vegas, NV
NMLS ID 313873

Pat

In a earlier article B of A said they did an internal audit of their policies and found nothing wrong. That's like the fox guarding the hen house!

Jan 28, 2011 04:09 AM #2
Rainmaker
80,906
Pat Yoest
Century 21 Aadvantage Gold, 702-719-2100 - Las Vegas, NV
702-521-1442

The big banks need to be investigated for business practices.  Bank of America keeps going back to court.  Their hands need smacked for unethical business practices.  They are so big I guess they will just do business as usual, if you know what I mean.

Jan 28, 2011 08:25 AM #3
Rainmaker
226,796
Tom Waite
Thomas Waite Real Estate Broker - Cypress, CA
So Cal-Apartment Bldg Investments

Pat:  This is a GREAT blog and should have gotten a LOT more attention.

You ought to expand it a bit and publish it again under a different headline.  Wake up in the middle of the night and send it out at like 5:00 AM so the East Coast agents get a chance to read it before they head to work.

The fact that the NOD proceedures may be defective (the entity filing this notice may NOT have the authority to do so) is HUGE!

The foreclosure tracking entities such as RealTrac are expecting an explosion of foreclosures during the first half of 2011 to clear the backlog from the Moritoria in late 2010.

Tom

Jan 29, 2011 05:40 AM #4
Rainmaker
80,906
Pat Yoest
Century 21 Aadvantage Gold, 702-719-2100 - Las Vegas, NV
702-521-1442

Thanks Tom.  I think I will do that but I do not know about 5:00 thats 2:00 AM my time.  Maybe I will try different groups.

Jan 29, 2011 07:21 AM #5
Rainer
100,548
CHARLENE PERRY, CLTP
Key Title Corporation - Perry Hall, MD
Insuring the Past to Protect Your Future

Pat

This is a great post and full of some important information. Check out some of my blogs on the same subject relating to Maryland (a non-judicial state). I read today with great interest an article about Jeffrey Stern whose Florida based firm was the first of many to get caught cutting corners in foreclosure filings.  This debacle will haunt us for a long long time.

Feb 07, 2011 10:59 AM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
80,906

Pat Yoest

702-521-1442
Ask me a question
*
*
*
*