3275 South Jones Blvd., Suite 105
Las Vegas, NV 89146
In litigation over a borrower’s default on a loan, whether it is brought by a borrower against a bank or brought by a bank against the borrower, the borrower’s troubles are just beginning in cases where the bank fails because the borrower then finds itself doing battle against a very powerful opponent, the Federal Deposit Insurance Corporation (FDIC). In litigating against the FDIC, the borrower quickly learns that the FDIC has a wide array of powers afforded it by the Financial Institution Reform, Recovery and Enforcement Act (FIRREA).
As a newlywed, I found myself thinking about whether or not my husband and I would need an estate plan immediately. Although we intend to have a family in the near future, we do not have any children at this time. In addition, although we have some assets, we are not as established as a couple in their 40's or 50's. We are both healthy so we do not foresee that either one of us will be sick or hospitalized. So, based on these factors, it would seem that we do not need an estate plan right now. However, nothing could be further from the truth.
An issue that is receiving increased attention amongst Homeowner Associations and residents is what I like to call the “Ombudsman Statute.” Under Nevada law, no civil action based upon a claim relating to “the interpretation, application or enforcement of any covenants, conditions or restrictions” (“CC&R’s”) may be commenced in court unless the matter has first been submitted to the mediation or arbitration program administered by the State of Nevada Real Estate Division (“the Ombudsman”).
Whether you are a Property Management Company, a Homeowners Association, an Investor, someone looking to buy property as a primary residence or a prospective tenant, the foreclosure laws can affect you.