Laws Tackling Nevada Foreclosures Coming Into Play

Laws Tackling Nevada Foreclosures Coming Into Play

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CARSON CITY, Nev. (AP) -- Legislators say they hope new laws taking effect this summer make a dent in Nevada's foreclosure crisis.

But lawmakers also say they fell short of their ambitions and haven't come up with a measure to fix the problem altogether.

One law signed last week cracks down on banks dragging their feet on short sale offers. Banks must accept or reject an offer within 90 days or face a misdemeanor.

Another takes effect July 1 and gives lenders six months to collect debts not covered by a foreclosure sale. Some lenders hold up short sales because they have up to six years to collect.

RealtyTrac reports foreclosure filings hit one in every 103 housing units in Nevada in May. The crisis peaked in March 2009 with 1 in every 56 properties.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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