Just noticed CERTIFICATE FORECLOSURE MEDIATION NEVADA one the recorders page. Is this good or bad?

Asked about 4 years ago - Las Vegas, NV

We have been looking to move since our current renatl is in foreclosure (since 1/20/09), and today we rec'd NOTICE OF BREACH/DEFAULT/ ELECT TO SALE on our door. The place we are about to rent rec'd notice of of trustee sale 6/28. Now I see "cert foreclosure mediation Nevada, today (7/12). Meaning pls? Does this mean mediation went well or bad? Did they just file for mediation today, or came an agreement today? The owner of the house we want to rent has been telling us she is working on a RE-FI with the bank. I don't know what to think!!! Seeing this is FREAKING me out. We cannot afford to move, but really cannot afford to move and then have to move again in a few months.
And on top of EVERYTHING else our Unemployment benefits stopped and don't know if they will be extended.

Attorney answers (1)

  1. Shawn G. Pearson

    Contributor Level 11

    1

    Lawyer agrees

    Answered . The new place does not sound like a good option if it's in the process of being sold in foreclosure. Generally a buyer out of foreclosure will take "subject to" an existing lease, but that would still leave you with a great deal of uncertainty abut who your landlord is.

    As for your current place, the mediation certificate *PROBABLY* indicates that mediation has been successfully concluded and an agreement has been reached between your current landlord and her lender. You will need to go down to the county recorder's office and get a copy of the document to know for sure. Even if mediation has resulted in some kind of workout between the owner and the lender, a new foreclosure action could still be initiated down the road if the owner defaults on the new deal.

    Also note that the document could be certificate issued to the lender in response to a request for a finding that mediation is not required because the homeowner waived mediation or failed to elect to mediate after being advised of the right to do so. Again, that's why it's really important to go to the recorder's office and find out what the actual recorded document is.

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