Housing Preservation

Foreclosures continue to rise. Vacant abandoned property dots the neighborhoods of some of the newest zip code areas in Las Vegas. How can we preserve our neighborhoods? What about the estimated tide of rising foreclosures, projected to “exceed 9 million over the next four years”? Although this figure is consistently changing, one thing is clear – the new normal maybe year away.

Purchase of REO Properties

Opportunities are available, despite the market. Did you know communities across the United States have adopted and received funding for Neighborhood Stabilization Plans? In Nevada, there are numerous options available. And, not all programs have the same requirements.

NFHC offers a program to assist eligible consumers seeking to purchase foreclosed property. For more information, you make contact the office.

Preserving Homes for Renters

On May 20, 2009, S.896 was signed into law to preserve housing for renters, for a reasonable time, post foreclosure. Known as P.L. 111-22, the bill requires that the purchaser of a foreclosed property (successor in interest at foreclosure) provide bona fide tenants with 90 days notice prior to eviction and allow bona fide tenants with leases to occupy the property until the end of the lease term.

Some exceptions apply:

• if a purchaser who will occupy the property buys the home at auction, the rule does not apply.
• the tenant must have a valid lease
• the lease must be arms length (i.e. not a member of the homeowner’s family

To obtain additional information, refer to the bill or contact the office.