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Would New Law Help Or Hurt Foreclosure Process?

CARSON CITY, Nev. (AP) — Banks would have to take an additional step to avert a homeowner’s foreclosure under a bill pending in the Nevada Senate.

Sen. Allison Copening of Las Vegas told the Senate Judiciary Committee Monday that SB307 would require banks or other lenders to send homeowners an offer to pursue mediation or to discuss their financing options before sending out default notices.

Homeowners typically receive calls or letters after they have already reached default status. Copening says such letters often bury the mediation-or-other option, exacerbating an already overwhelming situation.

The Las Vegas Democrat says the bill would give homeowners breathing room.

But Bill Uffelman, president and CEO of the Nevada Banking Association, countered that current notices are worded according to federal requirements.

No action was taken on the bill.

 

Copyright 2011 The Associated Press.

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