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New protections for struggling Nevada homeowners
A new Homeowner's Bill of Rights, SB 321, aims to eliminate the runaround some homeowners got from banks by requiring lenders to assign homeowners a single person to contact. It bans dual-tracking, in which a bank pursues a foreclosure at the same time a homeowner is working on a short sale. And it eliminates "arm's length" rules, in which banks barred people from buying distressed properties from their relatives or other close associates.