Friday, December 30, 2011

WELL NOW, THE NEVADA SUPREME COURT IS ABOUT TO MAKE THINGS INTERESTING! ANYBODY WANT TO GUESS WHICH WAY THIS ONE IS GOING TO GO?

Nevada Supreme Court to Hear Case to Determine Legality of MERS Foreclosures

By on December 29, 2011

Nevada’s real estate market was devastated by the bursting real estate bubble and the subsequent foreclosure crisis.  Home prices in many areas of Nevada are down by 50-60% or more since the market peaked in 2006.  Until recently, Nevada has consistently had one of the highest rates of foreclosure in the country.

Now, the Nevada State Supreme Court is set to hear a case that may consider whether or not the Mortgage Electronic Registration System (MERS) has the right to foreclose on a property in its own name.  If the State Supreme Court rules that mortgages assigned by MERS cannot establish ownership, homeowners could challenge any foreclosure done in MERS’ name.  Other  courts across the country are split on this issue.
MERS holds more than half of mortgages across the United States, and a similar number in Nevada.  MERS has been at the center of much controversy over the past couple of years, and was recently the focus of a scathing piece in Harper’s Magazine (Stop Payment! A Homeowner’s Revolt Against the Banks), as well as an investigative report on 60 Minutes.

The housing market in Nevada is so bad, that according to Corelogic’s 3rd Quarter Negative Equity Report, as of November, 58.3% of homes with mortgages in Nevada are underwater, while 4.8% have near negative equity.  Total home equity in Nevada among homeowners with mortgages is less than -$10.3 billion, making the average loan-to-value ratio in the state 110.2%.  Nevada is the only state that has a net negative home equity.

As a result of this disaster, Nevada has been one of the most aggressive states in fighting mortgage abuses.  In October, Nevada passed a tough anti-foreclosure law that makes it a felony for a lender, servicer or trustee to make false representations or claims over a title.  In the wake of this law, foreclosures in Nevada plummeted.

Nevada Attorney General Catherine Cortez Masto has been very aggressive in fighting foreclosure fraud and robo-signing.  Notably, she is pursuing criminal charges against robo-signers, has teamed with California Attorney General Kamala Harris in a joint investigation into mortgage abuses, and recently announced a suit against Lender Processing Services for consumer fraud in their foreclosure practices in Nevada.
This case could have a massive impact to say the least.  I will be following this one closely and will report back with updates.

Wednesday, December 28, 2011

DID YOU LOSE YOUR HOME TO WRONGFUL FORECLOSURE? HERE IS HOPE.

HOMEOWNERS: DID YOU LOSE YOUR HOME TO WRONGFUL FORECLOSURE? DO YOU BELIEVE YOU HAVE A ROBO-SIGNATURE ON YOUR DOCUMENTS?

 If you lost your house in foreclosure or were forced to short sale it because your lender would not work with you... don't give up just yet. If you have a robo-signature by your bank on your loan or a lack of proper paperwork regarding transfer of title by your bank... you definitely have legal options to go after your lender for a wrongful foreclosure.

Do any of you feel that you were wrongfully foreclosed upon, and what is your story?

You can call me (Andrew) at 877-400-0219 ext. 301, I can go over exactly what I am talking about and your options. I look forward to speaking with you and hearing your story.

Or if your prefer, e-mail Andrew the details of your story. Send him your home's address, city, state, county, the name the title was in, and your phone number.

 GOD BLESS YOU ANDREW!

DO YOU NEED HELP TO AVOID FORECLOSURE?

If you would like to receive information on how you might avoid the foreclosure of your home, please e-mail me your name, address, and phone number. Someone from our office will be in touch right away to assist you. With Warm Regards, Kelly L. Hansen, HOMEOWNERS HELPING HOMEOWNERS, ctsmyhon@yahoo.com
Be happy, healthy and prosperous, but most of all, be blessed.
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Kelly L. Hansen


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