Assembly OKs Buckley’s home foreclosure bill
CARSON CITY — On a 41-0 vote today, the Assembly approved Speaker Barbara Buckley's bill aimed at reducing the number of home foreclosures in Nevada.
Under Assembly bill 149, a homeowner facing foreclosure could petition the court for a mandatory mediation hearing with the loan company to work out a more manageable financing arrangement.
The bill is expected to keep 17,700 Nevadans in their homes, although the state last year had 77,000 foreclosures.
Lenders would not be required to give homeowners a better loan deal, but are expected to do so because they have had problems selling foreclosed homes because the selling price of the home is often less than what's owed on the mortgage.
The bill now goes to the Senate, which also is expected to approve it.
Contact Capital Bureau Chief Ed Vogel at evogel@reviewjournal.com or 775-687-3901.
