| Foreclosure Sales- SB 128 |
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Requires certain persons to record foreclosure sales and sales of real property under a deed of trust within a certain period of time SB 128Sponsored by: Senator Parks BILL STATUS: Approved by Governor, Chapter 247. Effective July 1, 2009 Nevada has the highest foreclosure rate in the country and we can no longer afford to let those numbers increase. Senator Parks is taking steps to solve this problem. Existing law provides for a trustee to execute a power of sale on real property after a breach of an obligation or payment of debt due to the trustee. To learn more about SB 128, or to track the legislation's progress, click here Senator Parks’ bill would amend this law to require (1) the beneficiary of the deed of trust to pay all sums of money necessary to acquire a clear title to the property and to record the deed of trust; and (2) the trustee to record the sale of the property with the appropriate office of the county recorder within 30 days after the date of the sale. Existing law provides for a person to proceed on an action for the recovery of any debt or for the enforcement of any right secured by a mortgage or other lien upon real estate. |