Items Tagged with 'Nevada'


Embattled Nevada housing agencies respond to allegations of wasted millions

Agencies suggest newly enacted changes should help more struggling homeowners
A recent bombshell report from a federal watchdog suggested that the agency in charge of Nevada’s portion of the government’s Hardest Hit Fund wasted $8.2 million that should have funded the program’s administration costs, while at the same time, drastically cutting the number of struggling homeowners admitted to the program. Now, the agency in question is responding to those charges, and claiming that the amount of wasted money is far less than the watchdog suggests – $8 million less, to be exact.
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"Pervasive culture of waste and abuse" discovered in Nevada Hardest Hit Fund program

Investigation finds contractor wasted $8.2M as help dried up for homeowners
Thanks to what investigators are calling a “pervasive culture of waste and abuse,” millions of dollars from the federal government that were supposed to help struggling Nevada homeowners keep their homes instead went to pay for cars, holiday parties, employee bonuses, employee gifts, employee outings, staff lunches, and a number of other wasteful expenses, a scathing investigation by a federal watchdog found.
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Court of Appeals rules that Nevada HOA liens do not supersede first mortgages

Older version of state's laws ruled unconstitutional
Mortgage lenders and investors needn’t worry about whether a homeowners' association super lien will be given priority over a first mortgage in the state of Nevada, at least for now. According to an alert published Monday by Ballard Spahr, the Ninth Circuit Court Appeals ruled last week that an older version of Nevada's laws, which previously gave super-priority status to HOA liens, is unconstitutional. Here's the skinny.
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Nevada Appeals Court tosses $107 million mortgage fraud penalty

8th Amendment rescues Melissa Beecroft
A Nevada woman who was once part of the largest mortgage fraud schemes in the history of the state will no longer forfeit $107 million after a federal court of appeals overturned part of her penalty because it violated the Eighth Amendment, which prohibits the government from imposing "excessive fines" and "cruel and unusual punishments."
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From HW Magazine

Right of redemption on HOA sales

A solution or just another problem for servicers in Nevada?
The crown jewel of SB 306 is the right of redemption in the event an HOA foreclosure sale slips through the cracks. On its surface, the right of redemption is a well-needed safety valve for lenders and homeowners; however, its application may be challenging.
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Nevada foreclosure crisis hurting Clinton, Sanders' efforts to get votes

With Democratic caucus approaching, candidates' voter lists insufficient
With the Nevada Presidential caucuses looming, the two major candidates for the Democratic nomination are struggling to contact potential voters thanks to voter lists that are out of date and insufficient due to the deep impact of the foreclosure crisis in the state.
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Is Nevada’s HOA solution just another problem for mortgage servicers?

Exercising the new right of redemption on HOA sales
Redemption requires timely and reasonable cooperation by the purchasers, the same purchasers that the servicers have been litigating with for the last several years. As a result, exercising the right of redemption could very well lead the servicer into quiet title litigation, again. Here's what you need to do.
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Here's what homes built specifically for Millennials look like

The idea behind a responsive home
A new housing community put Millennial needs at the forefront of its design plans, given that they are the next largest cohort of homebuyers. Interestingly, they are pretty nostalgic about the kinds of homes they grew up in, causing the houses to have to an old-time feeling to them.
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Las Vegas lawyer disbarred for mortgage fraud

Currently serving 87 months in federal prison
The Nevada Supreme Court stripped a prominent Las Vegas attorney of his right to practice law in the state as part of the punishment for his place in a mortgage fraud scheme that defrauded financial institutions of more than $30 million.
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Freedom Mortgage acquires BluFi Lending

Expands West Coast presence
Mount Laurel, N.J.-based Freedom Mortgage Corporation purchased the assets of BluFi Lending, a direct mortgage lender with branches in California and Nevada, falling in line with Freedom Mortgage’s strategy to expand its retail lending footprint in the Western U.S.
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