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A company that auctions off foreclosed homes for Bank of America is out of business in Nevada — at least for now.
Fifth Judicial District Judge Robert Lane signed an injunction order Thursday that effectively halts all non-judicial foreclosures statewide that are being performed by ReconTrust.
The order affects at least 100 homeowners in Nye County and more than 7,000 in Clark County who are currently facing trustee sales of their foreclosed homes.
The order states that ReconTrust is operating in Nye County and the rest of the state without a business license. A check of the company’s registration with the Secretary of State’s Office shows it to be expired.
A message was left for a Texas-based team leader at ReconTrust who is in charge of Nevada trustee sales. She did not return a phone call seeking comment.
Investigators with the state’s mortgage lending division say ReconTrust is not regulated through their office. And that Bank of America, because of its status as a national bank, is also not regulated by state banking officials either.
Pahrump resident Suzanne North, whose Pro Se complaint in Lane’s courtroom sparked the injunction, says she is fighting to save her home after being “taken for a ride” by Bank of America. North’s home on Bronco Street is not just her residence, it is also her business — North runs a day care and pre-kindergarten program out of the house.
“This is my life,” she said. “This is my home. This is my business,” North said.
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In the order, however, the judge said there is a “substantial likelihood that (North) will establish that ReconTrust does not have any contractual privities with respect to the contract between (North) and the other defendants regarding the promissory note and deed of trust.”
If the allegations are proven, an attorney could argue that ReconTrust improperly foreclosed on properties, Las Vegas attorney Tisha Black-Chernine said.
“It could give rise to lawsuits for wrongful foreclosure,” she said.
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