Nevada Considering Foreclosure Rescue Legislation

The Las Vegas Sun reports that a foreclosure rescue victim testified this past Wednesday at a hearing of the Nevada Assembly Commerce and Labor Committee about her experience of allegedly getting ripped off by a foreclosure rescue operator. The committee is currently considering the passage of legislation that, in addition to creating the crime of mortgage fraud, will regulate the conduct of so-called foreclosure consultants as well as those who purchase real estate from homeowners facing foreclosure. Attorney Daniel Ebihara, with the non profit law firm Clark County Legal Services, also testified, advising lawmakers that foreclosure rescue operators operate without restrictions and the people who run them aren't required to be licensed. The article quotes him as telling lawmakers that:

• "This business is fraught with lies, fraud and misrepresentation. The people who engage in this business of foreclosure purchasing have learned their trade from get-rich-quick seminars in hotel ballrooms."

For more, see Nevada bills aimed at regulating mortgage industry.

Go here for for Nevada's Pending Legislation AB440 (specifically see Sections 7 through 20 of the bill) to see the anti home equity theft provisions of the statute that Nevada lawmakers are considering passing into law.

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