Nov 08, 2011
Nevada’s tough foreclosure law is working
08 Nov 2011
Posted by Andrew Kantor
In response to the whole robo-signing fiasco, Nevada passed a law that (among other things) makes it a felony to make false representations about real estate title — and holds individuals accountable.
Of course, that’s what the robo-signing thing was all about: false documents, improper signing, forged paperwork, etc.
So now, according to the Wall St. Journal, foreclosure filings in the state’s two largest counties have dropped 88 percent from September to October, when the new law took effect.
How does it affect the real estate market? There are (at least) two views on that: One says that, foreclosures being the hot sellers they are, the law is hindering the market. The other view says that the law protects owners from being illegally foreclosed upon, and buyers from finding down the road that their new home doesn’t have a clear title.