NEWS3LV.COM:  HOA foreclosure abuses may be curbed under new law

Reported by John Treanor

Posted by Tony Garcia

September 30, 2015

LAS VEGAS (KSNV News3LV) – Change is coming for Nevada homeowners, HOAs, lenders and neighbors.There are currently 40,000 vacant homes in Las Vegas – many in or close to legal limbo.

When homeowners fail to pay HOA dues, the associations can foreclose on the property and sell it at auction, with homes going as low as 25 cents on the dollar.

But the banks still own those houses and often end up suing the new owner.Now a law change – effective Thursday – may stop the real estate madness.

Home Owners Associations that want to foreclose for unpaid dues first have to give the banks 30 days’ notice of the foreclosure.

The hope is that will give the banks time to pay the lien and foreclose on the property themselves.

Getting vacant homes filled, without the potential suit. Read story: