SB 414 – Unreasonable Delay on Short Sale Offers

On June 13, 2011, the Governor signed Senate Bill 414 summarized as follows:  AN ACT relating to financial institutions; prohibiting a banking or other financial institution from unreasonably delaying a response to an offer for a sale in lieu of a foreclosure sale on real property secured by a residential mortgage loan; prohibiting a banking or other financial institution from obtaining a deficiency judgement in certain circumstance; providing a penalty; and providing other matters properly relating thereto.

For more information on Senate Bill 414, click on the link below:

http://www.leg.state.nv.us/Session/76th2011/Bills/SB/SB414 EN.pdf or visit www.NVAR.org

From TICOR TITLE’s Legislative Update

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