Housing
The Nevada Supreme Court today will hear the first legal appeal filed as a result of a failed foreclosure mediation, in a case that could have far-reaching implications for tens of thousands of distressed homeowners.
Chief U.S. District Judge Roger Hunt overturned a state court order that had stopped Bank of America Corp. unit ReconTrust Co. from foreclosing on property in Nevada. Nye County District Judge Robert Lane had issued the order Jan. 20 that suspended ReconTrust foreclosures on an estimated 7,500 pending foreclosures around Nevada.
The Nevada Supreme Court, which oversees the Foreclosure Mediation Program, has several times in the past 18 months updated program rules in response to concerns that have arisen, but bank officials and homeowners say the program still has problems that must be addressed.
Jeanne Bullock parted with her grand piano. Now, she might lose her home. The longtime local musician was forced to ship her beloved piano to a music store in Maryland owned by her brother. Like others facing foreclosure, she is short on cash.
Although Clark County is still mired in a recession and the real estate market is in a deep funk, more than 280,000 homeowners could see their tax bills go up this year.
Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.
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