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The Foreclosure Mediation Program was established as a result of the Assembly Bill 149, passed during the 2009 session of the Nevada Legislature. Its purpose is to address the foreclosure crisis
and help keep Nevada families in their homes. This law establishes a Foreclosure Mediation
Program for owner-occupied residential properties that are subject to foreclosure notices– formally known as a Notice of Default and Election to Sell – filed on or after July 1, 2009.
Mediation is an alternative method to help parties resolve disputes by agreement with the help of
trained mediators.
The program allows homeowners and lenders to sit down with trained mediators to discuss alternatives to foreclosure. The mediations, which are confidential, are required to be conducted
within 135 days of a Notice of Default and Election to Sell being recorded by the lender and
served on the homeowner.
Only owner-occupied homes are eligible under the law
Only owner-occupied homes are eligible under the law and only if a notice of default was recorded on or after July 1, 2009. Once a homeowner elects mediation, the lender must
participate. The $400 mediation fee is split equally between the two parties. The Administrative
Office of the Courts is administering the program and has established a webpage with a variety of
information and forms, including some information in Spanish.
Homeowners who receive notices have 30 days from the day they received their notice to seek mediation
Homeowners who receive foreclosure notices – technically Notices of Default and Election to
Sell – have 30 days from the day they received their notice to seek mediation under the program
that was created by the Nevada Legislature effective July 1, 2009.
Lenders must have someone at the mediation or available with the authority to modify a loan
Under the Supreme Court Rules, the homeowner must submit copies of financial records and
indicate the amount of a mortgage payment that could be made if a loan modification could be
reached. Lenders must submit documents indicating current values of a home’s value and
estimates of what it could sell for in a so-called short sale. Lenders must have someone at the
mediation or available with the authority to modify a loan and provide the original or certified
copies of the mortgage note, deed of trust, and any assignments of the mortgage note or deed of
trust. The rules require that the parties to mediate in "good faith."
If you would like to be represented by an attorney at your mediation, please contact a representative of the Firm today at (702) 871-2200. |
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