Notice Of Defaults Under Attack in Las Vegas, NV.

Reblogger Kenny Salame
Mortgage and Lending with All Western Mortgage Broker # 14210

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.

Original content by Pat Yoest

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

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Rainmaker
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Pat Yoest
Century 21 Aadvantage Gold, 702-719-2100 - Las Vegas, NV
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Thank you for reblogging this post.  The banks need to be stopped from the shoddy practices of businesses.  This is what happens when you get too big.

Jan 28, 2011 08:38 AM #1
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Kenny Salame

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