Tag Archives: nevada

Nevada Makes Illegal Foreclosures Felony

By Mike Colpitts
Housing Predictor

Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and cash may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of ownership.

The outcry of consumer complaints over illegal robo-signing tactics has produced a series of lawsuits against mortgage servicing companies and banks in Nevada, which has led the U.S. in foreclosures six straight years.

The Nevada law makes it a felony for a mortgage servicer or trustee of a mortgage to make false representations concerning a title such as claiming that they are an executive of a bank or mortgage servicer, which was the case in at least hundreds of thousands, perhaps millions of robo-signings.

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