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Halt on Nevada Foreclosures Demanded by Reid

Nevada homeowners facing foreclosure may get a reprieve thanks to Senate Majority Leader, Harry Reid (D-Nev). his past week, Reid joined the growing chorus of elected officials who are demanding a halt to foreclosures in light of the revelations that banks have been using bogus affidavits to take American homes in a robo-signing foreclosure scandal rocking the banking industry. 

"I write to request that your mortgage-servicing division suspend foreclosures on Nevada home owners until systems are in place to ensure Nevadans are not being improperly directed into foreclosure proceedings," Reid wrote in an October 3 letter to Bank of America, Citigroup, J.P. Morgan Chase, Wells Fargo and Ally Financial/GMAC.

While Nevada is not a 'judicial foreclosure' state, Reid wrote that "suspending foreclosures on Nevadans is also justified because the reports of shoddy and defective affidavit preparation suggests that servicers might not be reviewing a home owner's loan documents with the requisite care."  

Some banks in this robo-signing foreclosure scandal have halted foreclosures only in 'judicial foreclosure' states. A judicial foreclosure state requires court authorization before a bank can foreclose.  In contrast, a non-judicial foreclosure state does not require court intervention before a foreclosure sale can take place. Examples of non-judicial foreclosure states are Nevada, California, Oregon, Washington and Arizona.

On Friday, though, Bank of America called for a halt on foreclosure sales in all 50 states (see related story here).  

Senator Sheldon Whitehouse (D-RI) called for a national moratorium on foreclosures. "My state of Rhode Island leads our region in foreclosures, and I have seen firsthand the devastation that losing a home brings a family," Whitehouse wrote in a letter to Fannie Mae, Freddie Mac and the Federal Reserve.  "Until the major loan servicers demonstrate that they (1) are making every reasonable effort to keep families in their homes through loan modifications and/or forbearance; and, (2) have the capacity to properly and respectfully carry out foreclosures, I ask that you impose a moratorium on all foreclosures on homes that secure the mortgages you hold or control."  

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