Assembly Majority Leader Conklin & Attorney General Cortez-Masto Fight Foreclosure Fraud
March 31, 2011
CARSON CITY—In an ongoing effort to address the foreclosure epidemic in Nevada, Assembly Majority Leader Marcus Conklin and Attorney General Catherine Cortez Masto today introduced legislation to help protect Nevada homeowners and businesses from foreclosure fraud.
AB 284, presented to the Assembly Judiciary Committee, targets foreclosures based on false, improper, or incomplete documents. In Nevada, almost all residential foreclosures are non-judicial, with no court overseeing the validity of the documents involved.
Assembly Majority Leader Marcus Conklin said, “This legislation is a major step forward in the fight against foreclosure fraud, ensuring that before a foreclosure proceeds, there is a proper chain of title, with safeguards in place to protect Nevada’s property owners.”
‘This bill gives us the appropriate tools to ensure homeowners in Nevada are protected against foreclosure fraud activities,” said Attorney General Masto. “The intent is to make the process more transparent and help ensure the due process rights of homeowners are protected and that the party foreclosing on the property is in compliance with the law.”
A.B. 284 requires the documents used in the foreclosure process to be recorded in the county where the property is located and specifies who can be the trustee on a deed of trust, along with his or her duties in the foreclosure process. Additionally, the legislation allows Nevada to clean up any title issues on property and will ultimately enable a stabilization of the housing market in the state.
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