Chase, BofA Top Scofflaw List When Producing Required Documents Under Nevada Foreclosure Mediation Program

In Las Vegas, Nevada, the Las Vegas Sun reports:

• When homeowners headed for foreclosure sit down with their bank to see if they can work out an agreement, state law requires the lender come equipped with documents proving who owns the home, among other things. In one-third of those mediation meetings, however, banks failed to produce the required documents, according to an analysis of the last six months of 2011.



• The figures appear to provide statistical evidence to support what many homeowners have claimed — that banks aren’t negotiating in good faith to help them stay in their houses.



• JP Morgan Chase had the highest rate of noncompliance with the state law. It failed to produce required documents in 52 percent of mediations, which homeowners may request before a bank forecloses. The figures were released Thursday by the state’s Foreclosure Mediation Program.



• Bank of America, by far the biggest private lender in Nevada, did not produce the necessary documents 41 percent of the time.

For more, see A third of the time, lenders don’t have paperwork in foreclosure mediation sessions.