Ruling For Mortgage Lenders
LAS VEGAS (AP) — Officials say a pair of Nevada Supreme Court rulings requiring mortgage lenders to produce all required foreclosure documents before repossessing a house don’t establish a new legal standard, but rely on state high court opinions issued last July.
In unanimous rulings Friday, the court ruled there was insufficient documentation for separate foreclosure cases in Las Vegas and in Reno.
The court sent the cases in Clark County and Washoe County back to district court judges who had determined lenders produced enough documentation to foreclose.
The rulings rely on two cases setting a strict standard for lenders to produce the original note and deed of trust plus subsequent ownership records.
The foreclosure mediation program was created in 2009 to give lenders, homeowners and an arbiter a chance to rework defaulted loans.
Copyright 2012 The Associated Press.