Homeowner's Bill of Rights Takes Effect Tuesday - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Homeowner's Bill of Rights Takes Effect Tuesday

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Nevada homeowners facing foreclosure will have a new set of protections come October 1. The Homeowner's Bill of Rights takes effect Tuesday. 

The state law aims to reduce the runaround by requiring lenders to assign a single point person to a borrower's case.

It bans banks from pursuing foreclosure, at the same time a borrower is negotiating a short sale. It also requires 30 days of advance notice before a bank files even the first notice that a borrower has defaulted.

Sixty percent of Nevada borrowers already have these protections because their lender was one of five in a giant, national mortgage settlement finalized last year.

The bill is one of many attempts by state lawmakers to usher in housing recovery in Nevada, where nearly four in ten homeowners are underwater.

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