[lvoc]

Originally Posted by eventusstultorummagister

Bankers Association attempting to extort consumers over Assembly Bill 273...

Supreme Court hears arguments over bill on deficiency claims - Business - ReviewJournal.com

...the bankers association wrote in court papers, "will create a credit desert in Nevada as credit will dry up and Nevada will see fewer loans and less economic activity. Nevada's lending industry will suffer greatly, if not be destroyed."

It is an irrelevancy for most purposes. Deals with a narrow set of transactions and how the law will effect them. Has no ongoing effect.

You do know that lawyers sometimes use expansive language in their claims don't you?

[eventusstultorummagister]

Originally Posted by lvoc

It is an irrelevancy for most purposes. Deals with a narrow set of transactions and how the law will effect them. Has no ongoing effect.

You do know that lawyers sometimes use expansive language in their claims don't you?

Didn't you say that there were no known deficiency cases in Nevada? Or at most very few...

"Hundreds of deficiency of cases have made it to state court dockets since the real estate market began to unravel five years ago. As an indication of the stakes that ride on the ruling, which may not come out until next year, one group of investors that assumed assets from failed Nevada banks said it holds 341 loans with a total balance due of $1.1 billion"

[lvoc]

Originally Posted by eventusstultorummagister

Didn't you say that there were no known deficiency cases in Nevada? Or at most very few...

"Hundreds of deficiency of cases have made it to state court dockets since the real estate market began to unravel five years ago. As an indication of the stakes that ride on the ruling, which may not come out until next year, one group of investors that assumed assets from failed Nevada banks said it holds 341 loans with a total balance due of $1.1 billion"

I said judicial foreclosure was and is rare in Nevada in residential real estate. I also said that does not appear to be changing and for good reason.

That is not true in commercial real estate which is a very different field.

Now stop introducing irrelevant stuff you don't understand.

[bayview6]

Originally Posted by lvoc

I said judicial foreclosure was and is rare in Nevada in residential real estate. I also said that does not appear to be changing and for good reason.

That is not true in commercial real estate which is a very different field.

Now stop introducing irrelevant stuff you don't understand.

Amen.

[eventusstultorummagister]

Originally Posted by lvoc

I said judicial foreclosure was and is rare in Nevada in residential real estate. I also said that does not appear to be changing and for good reason.

Capt. Wrongagain,

That is not true in commercial real estate which is a very different field.

Now stop introducing irrelevant stuff you don't understand.

No, what you said was lenders NEVER pursue defiency judgements in Nevada which is patently FALSE.

As for relevance...

AB 273 reduces the time second-lien holders can pursue a deficiency judgment from six years to six months, the same as primary lienholders. It also prevents banks from "double-dipping," or going after borrowers for the full amount of the deficiency they owe on their mortgage when lenders have received compensation from other sources.

As I indicated above, the bankers assoc. is attempting to change that and is insinuating that they will not lend if it is not, ergo "extortion".

Capt. Wrongagain knows so much yet he is ALWAYS wrong...

It's not even laughable anymore...

Buyer BEWARE!

Liars onboard.

Amen.

[eventusstultorummagister]

Originally Posted by bayview6

Amen.

Mrs. Capt. Wrongagain,

Your posts are always the same...
ZERO VALUE ADDED.



Amen.

[007 license to sell]

IN case you didn't know banks have been selling bad loans at steep discounts to other lenders or investors. In turn that lender or investor would foreclose on the home owner or commercial property for the total deficiency.

A law AB 274 was passed last year June 2011 that limits how much the new lender that acquired the delinquent note from another bank or investor can sue the home owner or a commercial business for. Before the new note holder would go after the home owner or commercial business for the original amount of the loan.

This article covers that.

This is important news for the distressed home owner or commercial property owner that is being foreclosed on.

Nevada Supreme Court considers mortgage default collections

[007 license to sell]

If you have a BOA loan you may want to know that BOA is forgiving second liens on some properties but only for home owners who qualify. It's part of the 2012 national mortgage settlement.
Here is a the link to learn more about it.

Bank of America Notifies Eligible Mortgage Customers of Second Lien Mortgage Debt Extinguishment | Bank of America Newsroom

[tbill618]

Originally Posted by WestieJeff

In our case the BPO was done early August and we didn't hear anything back until the approval last week. I assume they would have told us last week if our price wasn't acceptable.

Ugh, that's not what I wanted to hear. Our BPO was done mid-September and, by your timeline, we wouldn't hear anything until the end of this month. Actually, that is not too bad. Of course, your experience means nothing to us but I am looking for any thin reed to grasp onto at this point.

Thanks again.

BTW, I am going to look at the Stansbury property on Friday.

[Datafeed]

Originally Posted by tbill618

Ugh, that's not what I wanted to hear. Our BPO was done mid-September and, by your timeline, we wouldn't hear anything until the end of this month. Actually, that is not too bad. Of course, your experience means nothing to us but I am looking for any thin reed to grasp onto at this point.

Thanks again.

BTW, I am going to look at the Stansbury property on Friday.

hmm, i have a buyer accepted offer on a short on 10 July and have heard nothing back. I guess with this timeline it will be 2013 before I can move in. My agent said it would be 31 Oct.