Foreclosure help could hinge on who holds the note

As reported By Brian Eckhouse (contact)

A home in Henderson is listed for auction in November. Legislation signed by Gov. Jim Gibbons is designed to avert more home losses by allowing homeowners facing foreclosure to demand mediation with their lenders. The program is expected to be available in mid-July.


This will be very important and loan Modifications will not be as necessary. It's time for the banks to open the door to help home owners dealing with the economy downturn. Gov. Jim Gibbons is finally helping by adding this. Let's hope that this helps and doesn't hurt any more homeowners! For the full story go to this link. http://www.lasvegassun.com/news/2009/jun/02/whos-holding-your-note/
Posted by Laura Gamino

Federal grand jury brings new conspiracy, fraud charges against realtors

Reported by the Las Vegas Sun on June 19, 2008

A federal grand jury today returned a superseding indictment against a Las Vegas real estate broker and her husband who were charged in March with defrauding federally-insured financial institutions of millions of dollars.

The new charges allege that 31-year-old Eve Mazzarella and her husband, 45-year-old Steve Grimm, schemed to inflate housing values, using straw purchasers and limited liability companies, said Gregory A. Brower, U.S. Attorney for the Nevada district.

New charges include conspiracy to commit bank fraud, mail fraud, wire fraud and money laundering, 13 counts of bank fraud and criminal forfeiture. Mazzarrella is also charged with money laundering.

Four additional defendants, 28-year-old Melissa R. Beecroft, 46-year-old Christina R. Thompson, 33-year-old Amy R. Ortiz and 52-year-old Jyothi Panikkar, also known as Joe Panikkar, all loan officers and mortgage brokers in Las Vegas, are included in the superseding indictment.

They are charged with conspiracy to commit bank fraud, mail fraud, wire fraud and money laundering, various bank fraud counts and criminal forfeiture. Ortiz is also charged with assisting with providing fraudulent and false forms to the IRS.

Defendants Beecroft, Thompson, Ortiz and Panikkar were arrested in Las Vegas on Wednesday and are expected to make their initial court appearance today before U.S. Magistrate Judge Peggy A. Leen at 3 p.m.

Grimm and Mazarrella will be arraigned on new charges at 8:30 a.m. June 27.

Maximum penalties for conspiracy to commit bank fraud, mail fraud and wire fraud and for each bank fraud charge are 30 years in prison and a $1 million fine. The maximum penalties for conspiracy to commit money laundering and money laundering are 10 years in prison and a $250,000 fine. The maximum penalty for aiding and assisting with fraud and false statements is three years in prison and a $250,000 fine.

The investigation is ongoing by the FBI and the IRS Criminal Investigation team with assistance from state and local law enforcement authorities, Brower said.

Being a Realtor or a Lender it is important for us to always act in the most ethical fashion; we are held to a higher standard. Remember that there are many laws and legal consequences that a true professional must be aware of.

Additional comments..go to link

http://www.bloomberg.com/news/marketsmag/mm_1208_trim2.html

Posted by: Laura Gamino, Landlord Defense Bureau, LLC

What is a Property Manager

What is a Property Manager?

According to the Nevada Real Estate Division and Nevada Revised Statues.

Property Management means the physical, administrative or financial maintenance and management of real property, or the supervision of such activities for a fee commission or other compensation or valuable consideration, pursuant to a property management agreement. NRS 645.019.

Many tenants are confused by the difference between an individual who claims to be a property manager, and one who is licensed to do so in Nevada.

What actions may be taken if unlicensed property management activities
are conducted which require a license?

It is unlawful for any person, limited-liability company, partnership, association or corporation to engage in the business of, act in the capacity of, advertise or assume to act as, a
(a) Real estate broker, real estate broker-salesman or real estate salesman within the State of Nevada without first obtaining the appropriate license from the Real Estate Division as provided for in this chapter; and
(b) Property manager within the State of Nevada without first obtaining from the Real Estate Division a license as a real estate broker, real estate broker-salesman or real estate salesman and a permit to engage in property management. NRS 645.230.

The Real Estate Commission may impose an administrative fine against any person
who knowingly:
(a) Engages or offers to engage in any activity for which a license,
permit, certificate or registration or any type of authorization or any regulation if the
person does not hold the required license, permit, certificate or registration or has not
been given the required authorization; or
(b) Assists or offers to assist another person to commit the above described violation.

The Real Estate Commission may impose an administrative fine for conducting unlicensed property management activity in an amount not to exceed the amount of any gain or economic benefit that the person derived from the violation or $5,000, whichever amount is greater. NRS 645.235.

If you are a tenant you can always check to see if your "property manager" is licensed to do property management. Often unlicensed property managers do not follow landlord tenant laws and you may become a victim if you don't know your rights. Consumer Beware!

Information source from www.red.state.nv.us Bulletin #12
Laura Gamino
www.landlorddefense.com