Laws To Check Foreclosures
Wednesday, December 5th, 2007Senator Harry Reid and Assembly Speaker Buckley made a public announcement saying that Nevadans must be helped because the foreclosure is worse than what has so far been projected. Democrat Buckley from Las Vegas feels that it is imperative to come forward and see that the victims of foreclosure are getting the right type of help. This public service announcement running 30 seconds will be broadcast over television and radio stations throughout the state this week. A hotline telephone number will be made available for all to note.
Nevada ranks first in foreclosure listings with a proportion of 1:165. The latest figures show a worse situation – 1:154. This relates badly with the national average of 1:555. Foreclosures affect all – the borrower, the lender, the state, the county as well as the city. All these combined naturally has a telling effect on the nation. Renters are neither spared. They too get hurt. Without knowing anything suddenly somebody knocks on the door and tells them that foreclosure is closing in. The rapid growth of Nevada is the root cause for its rapid fall today.
Reid and Buckley make up a mobile team forever on the move trying to liaison between lenders and borrowers for an amicable viable solution to the foreclosure problem. They have helped hundreds in Nevada. During a stop at Las Vegas about 600 came calling. They have been able to help about 300 victims. Their schedule of two hours was extended to five. One senator said that it was an eye opener to learn that from lenders that the borrowers are in such a traumatic state that they do not respond to telephone calls. The worst thing they are doing is not to do anything. The toll free number connects the borrowers with Nevada Fair Housing Center and other bonafide non-profit counselors. Care must be taken that in the process of seeking help they do not fall into the clutches of scammers.
Burks, the president of Nevada Fair Housing Center says that the response has been unexpectedly tremendous. This is a good sign. The people have realized that there are foreclosure escape routes.
Henry Paulson, US Treasury Secretary said on Monday that the agreement regarding temporary freezing of rising interest is about to be announced and enforced. Appointing Paulson is one of the best things Bush has done – although it took some time for him to make up his mind.
