Las Vegas, NV- After a person has received a default notice
they often retain a foreclosure attorney
and have mediation sessions with their lenders to come up with an agreeable
solution. Nevada law dictates that the lender must have all of the
foreclosure-related documents with them when they enter the mediation session,
but new analysis showed that one-third of lenders don’t have the necessary
paperwork, according to LoanSafe.
This supports complaints that banks are not working with
homeowners to help them stay in their homes. Banks have been heavily criticized
for not offering mortgage modifications to eligible homeowners.
According to the study released Thursday, JP Morgan Chase is
the largest offender and failed to provide the correct documents 52 percent of
the time. Bank of America, the largest private lender in Nevada, failed to
produce the correct documents at 42 percent of the mediation sessions.
Large banks recently settled a multi-million dollar lawsuit
with the federal government and individual states to resolve a dispute over abusive
practices which include rob-signing and fraudulent foreclosure documents.
In a small number of
instances, banks have wrongfully foreclosed on homes with incorrect or
fraudulent documents, foreclosure lawyers have helped many of these individuals stay in their homes, but
there are others who did not detect any wrong doing.
Even if a homeowner was not subjected to wrongful
foreclosure, they can still enlist the help of a foreclosure attorney to seek a
modification or take other steps that can keep them in their homes.