You can play a major role, with the help of a trained mediator, in deciding the outcome of your individual dilemma. Mediation is a give- and-take process in which the parties work to reach a mutually acceptable resolution.
1
What Does Mediation Cost
Other than the filing fee paid by the lender, the cost of mediation is $400, shared equally by the homeowner and the lender. Parties must pay their $200 portions prior to the mediation.
A lawyer is not required to be present with you in the mediation process, but each side is welcome to have an attorney represent them.
2
What if a Mortgage Company or Lender Does Not Want to Participate in Mediation?
Once a homeowner requests mediation, the lender is required to participate in good faith and have someone at the mediation with the authority to modify a loan.
The lender must bring (1) the original or certified copy of the Mortgage Note, (2) the original or certified copy of the Deed of Trust, (3) the original or certified copy of each assignment of the Mortgage note and Deed of Trust.
The lender must also produce the most current and appropriate appraisal of the property and prepare an estimate of the short sale value of the home. The lender must show the method it uses to determine the eligibility of a homeowner for a loan modification.
3
What Can the Mediator Do?
The Mediator’s role is to help the parties work toward a reasonable resolution to a mutual problem.
The Mediator is not a judge who decides a case and cannot give legal advice. However, the mediator is in charge of the mediation and will set the time and location after consulting with the parties. Mediators will also make decisions on any requests for postponements. Mediators are randomly assigned from a list of qualified and trained individuals.
4
What if I Fail to Appear for the Mediation?
If the homeowner fails to appear, it may result in the forfeiture of the right to mediate. In that instance, the lender is notified that the foreclosure can proceed. Under the rules, if a homeowner fails to attend the mediation, the FMP Administrator will issue a certificate stating that no mediation is required. Once that occurs, a foreclosure may go forward.
5
How Do I Request Foreclosure Mediation?
The homeowner has 30 days after being served with a foreclosure notice to elect to participate in mediation and notify the trustee and FMP Administrator.
A form to request mediation and easy-to-understand instructions should be attached to the foreclosure notice served on the borrower. If they are not attached or are lost, forms are available on the Nevada Supreme Court website, www.nevadajudiciary.us.
The homeowner must sign and send (by certified mail) the Election to Mediate form and the non-refundable $200 mediation fee (certified check or money order) to the Trustee (your
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