JENSEN LAW GROUP RELEASE
The new year brings great news to Reno homeowners, according to a local law group; it says home foreclosure filings have virtually stopped.
During the past two years, the Washoe County Recorder’s Office saw an average of 500 new foreclosure filings each month. However, because of a new Nevada law that took effect last Oct. 1, 2011, in Washoe County only 13 new foreclosures were filed in October and only 15 were filed in November last year.
The new law, Assembly Bill 284, is aimed at stopping improper foreclosures and is also a response to the “robo-signing” scandal that surfaced last year.
“The banks have virtually stopped foreclosing in Reno since last Oct. 1st, which is great news going into 2012,” said Attorney Greg Jensen of the Jensen Law Group, which specializes in foreclosure cases for homeowners in Reno.
“Unless banks are now willing to swear an affidavit (under oath) that they have proper legal power to sell, they cannot even begin to foreclose on a Nevada home. With only 25 new foreclosure filings last October and November, lenders obviously have huge problem satisfying what our Nevada Legislature now requires,” said Jensen. He is adamant that “before a bank can take someone’s home, they should be required to prove ownership, which banks often fail to do.”
National figures confirm that if homeowners challenge banks even a little, the homeowner comes out on top, he said. Regarding homeowners who challenge bank foreclosures, CNN Money on Dec. 28 reported that the national average is 674 days from the first missed payment until foreclosure auction–up from 253 days from just four years ago. In Florida the process averages 1,027 days; in D.C. foreclosures average 1,053 days (nearly 3 years); and 906 days is the average in New York.
“2012 is a great year for Reno homeowners to learn their legal options and protect their homes,” said Jensen.