Las Vegas City Council Passes Home Upkeep Ordinance to all Lenders.
Las Vegas, Nv - The Las Vegas City Council has passed a new ordinance that requires lenders to upkeep their properties on foreclosed homes in holding, or face some pretty steep penalties.
If you are looking to buy a home in Las Vegas, Nv, you have probably driven through some neighborhoods that are pretty impressive, or an eyesore. Well not for long. Lenders are required to register all vacant homes with the city. The cost of registration, is $200.
If a home is found in violation of the newly enforced city ordinance, the lender has a window of ten (10) days to fix any and all problems with the property. After ten (10) days, misdemeanor charges could occured, then followed with penalties of fines or imprisonment for bank officials. YIKES!
Other cities have taken a close watch over this action. If it works here in Las Vegas, it could work in other cities.
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Bank of America Halts Foreclosures Across U.S
Last Week Bank of America halted foreclosures on homes across the country for the purposes of double checking improperly filed paperwork for tens of thousands cases. Among Bank of America Ally’s Financial’s GMAC Mortgage unit, JPMorgan Chase also announced similar plans.
Some say that the Bank felt the need to review improperly filed paperwork due to pressure from State Attorney General and other public officials inquiring about the accuracy of foreclosure documents.
Dan Fram said “We feel the need to address that and demonstrate that our process is accurate”.
So, with this being said, if you are a Bank of America Borrower and are thinking of foreclosing, it may take weeks, months, who knows. We’re hoping that once they cleanse the foreclosure paperwork, they’ll also streamline the foreclosure process making foreclosures happen faster.