Nevada Law AB373 Aimed at Homeowners Who Damage Homes Prior to Foreclosure/Short Sale
The Nevada Legislature has taken steps against homeowners who deliberately damage their home prior to vacating the property during the period when the property is in default by criminalizing such behavior. After October 1, 2011 it will be a misdemeanor according to AB373. Persons can be subject to arrest and subsequent prosecution.
Owners may think they are getting back at the banks by taking this action but all they really do is hurt others. The banks are doing just fine. Who is really affected are the neighbors who see their properties decline even further when the home sells for less than it should. The next homeowner, who had nothing to do with the situation, can be affected for years if the damage inflicted by the previous homeowner leads to unnecessary maintenance breakdowns. Also, insurance premiums and mortgage rates can also rise as the risk to loan in our area increases.
For any questions related to foreclosure and short sales, please contact Shelter Realty at 702-376-7379. You may also email us at info @ shelterrealty.com.