Blankfeld Group Logo
Register Login (702) 315-7591
  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianko Koreanpt Portugueseru Russianes Spanishvi Vietnamese
  • Home
  • Buyers
    • Home Search
      • Our Featured Listings
      • All Available Homes in Multiple List
      • Neighborhoods
      • New Homes
    • Mortgage Calculator
    • Our Preferred Mortgage Lenders
    • Important Links
    • Buyer’s Guide
    • Buyer’s Paperwork Explained
  • Sellers
    • What’s my home worth
    • Neighborhoods
    • Seller’s Guide
    • Seller’s Paperwork Explained
  • Neighborhoods
  • Resources
    • Important Links
    • Right Sizing in Las Vegas
    • Mortgage Calculator
    • Las Vegas Real Estate NOW
    • Monthly Market Updates
    • LVR Real Estate Forms Explained
    • Buyer’s Guide
    • Seller’s Guide
  • Leasing Homes
  • Blog
  • About Us
    • Our Group
    • Testimonials
    • Our Preferred Mortgage Lenders
    • Our Preferred Partners
    • Team Members Only
  • Contact
You are here: Home / Las Vegas Foreclosures / Homeowners Bill of Rights

Homeowners Bill of Rights

October 23, 2013 by hblankfeld Leave a Comment

I had the opportunity to hear Robert Noggle, Esq. speak yesterday about the new HOBR legislation.  He helped clear up a misconception that was pervasive and being mistakenly sold to the public at large.

This misconception is that the banks can’t ask for an “Arms Length” affidavit in a short sale.  The banks can and likely will continue to require this document.  That means that the borrower can’t sell the home to a friend or family member with an arrangement to buy it back.

The other important element to this legislation includes:    The “bank” can’t proceed with foreclosure while a borrower is involved with a short sale or a loan modification.  The “bank” is required to acknowledge receipt of application within 5 days and then approve or decline it within 30 days.

The biggest element to the legislation is the penalty for failure to comply is  $50,000 in  statutory damages plus attorney fees or three times actual damages.  If the “bank” were to violate the provisions, the borrower has the right to sue for those damages whether the violation was willful, reckless or intentional.

The law applies ONLY after an NOD has been filed.  If the bank has not filed to foreclose this law does not apply!

Short sales will continue to be the preferred method of dealing with homeowners in distress by the banks.

Filed Under: Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales Tagged With: banks, foreclosure, las vegas, market, real estate, sellers, selling homes, short sales

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to our BLOG

Please subscribe to get updates on all of our Blog Posts.

New ListingNotifications

  • Email Alerts for New Homes
  • Save Your Favorites
  • Price Change Notifications
  • Search & Sign Up Now!
Sign Up

What's YourHome Worth?

Find Out

Categories

  • Home Buyers
  • Home Improvement Tips
  • Home Sellers
  • Las Vegas Foreclosures
  • Las Vegas Home Sales
  • Las Vegas Property Management
  • Las Vegas Real Estate Radio Show
  • Las Vegas Rentals
  • Las Vegas Short Sales
  • LV Real Estate Radio
  • Market Reports
  • Personal Development
  • Real Estate News
  • RERNLV
  • Team Events
  • Team Stuff
  • Thursdays At 3
  • Uncategorized

Client Testimonials

"My wife and I had the wonderful experience of meeting Cynthia approx. 4 years ago . She helped us look for a home to purchase for several weeks and she... continued"
- Zillow Review (4/3/15)
View All

Listing Notifications

Search & Sign Up! New listings delivered to your inbox!
Sign Up Now

Stay Connected

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

The Group

Knowledge Matters, Over a Century of Collective Experience.  Each of our partners brings a passion for helping our clients.  Check us out!

Meet Us

Blankfeld Group – Berkshire Hathaway HomeServices

7475 W. Sahara Avenue Suite 100
Las Vegas, NV 89117

(702) 203-1165
Contact Harvey

NRED# S.0048897   •   sitemap   •   admin   •   ©2022 All Rights Reserved  •  Real Estate Website Design by IDXCentral.com