AB284 Drastically Reduces Lenders Ability to Foreclose

Reno/Sparks Real Estate - Market Statistics

A bill recently passed by the Nevada Legislature, known as AB284, was designed to combat foreclosure abuses such as "robo-signing". The effect of this bill is already being seen in Washoe County. Notice of Defaults and Notice of Sale recordings are drastically down for the Months of October and November. Primarily due to the fact that the Lender must now file an affidavit concurrent with the Notice of Default in which the person signing for the bank must have "personal knowledge" of the property...merely having documentary evidence on the property is not enough.