Expert Advice When You Need It Most
Posted over 2 years ago. Applies to Las Vegas, NV, 3 helpful votes, 2 comments
1
Only owner-occupied homes are eligible under the lawOnly 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. 2
Mediators Appointed For Foreclosure Mediation ProgramThe Nevada Supreme Court has appointed the first 97 mediators for the Nevada Foreclosure Mediation Program – a major step that will set the stage for the scheduling of the first mediations. The 97 include former Supreme Court Justice Deborah Agosti and former District Court judges Robert Gaston, Robert Estes, and Leonard Gang. Also on the list are current State Bar of Nevada President Kathy England and former Nevada Supreme Court Clerk Janette Bloom. 3
Homeowners who receive notices have 30 days from the day they received their notice to seek mediationHomeowners 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. “We have seen a wave of requests for mediation and the wave is getting larger,” said Verise Campbell, Foreclosure Mediation Program Manager. “This is what we expected. We knew, because of the mandated time frames, that it would take some time for the requests for mediation to come rolling in and for the program to come up to speed.” 4
Once all submissions are in, cases will be assigned to mediators within 10 daysIn the process, homeowners must submit their election of mediation form along with a $200 fee to their lenders within 30 days of receiving foreclosure notices. The lenders then forward the request and the homeowner’s funds, along with the lender’s $200 payment and other documents, to the Foreclosure Mediation Program. Once all submissions are in, cases will be assigned to mediators within 10 days and mediations will be scheduled within 80 days of the date the foreclosure notice was recorded. 5
Training sessions for the Nevada Foreclosure Mediation ProgramThe list of individuals selected to attend the first training sessions for the Nevada Foreclosure Mediation Program has been set and the participants have been notified. Those training sessions include Aug. 5 in Reno and Aug. 6-7 in Las Vegas and were designed to provide foreclosure-specific information to experienced mediators. 6
Mediation is an alternative method to help parties resolve disputes by agreement with the help of trained mediators.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 head-on and to 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. 7
Lenders must have someone at the mediation or available with the authority to modify a loanUnder 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 appraisals 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." 8
the program will offer homeowners the opportunity to sit down with their lenders, mediation will not be the solution for everyoneIn July, 4,205 foreclosure notices were recorded in Nevada. (15 of 17 counties reporting; That was down from the monthly average of about 7,600 and well below the more than 11,000 filed in June. In addition to the owner-occupied homes eligible for the Foreclosure Mediation Program, the foreclosure notices include commercial properties and residential housing not occupied by the owners. 9
new recording fee for Notices of Default and Election to SellThe Nevada Foreclosure Mediation Program has also resulted in a new recording fee for Notices of Default and Election to Sell. The new fee, established by Assembly Bill 65, is $50. On this website is an information brochure announcing the new recording fee for the Notice of Default The Election/Waiver of Mediation Form to be served with the Notice of Default and Election to Sell is included along with instructions for the individuals recording the notices involved in the new foreclosure procedures . 10
If there is an agreement, the parties will execute the appropriate documents.Within 10 days of the mediation, the mediator will prepare the necessary Statement of Agreement or Non-agreement and serve it on the parties. The original will be filed with the Foreclosure Mediation Program Administrator and the mediation will be closed. Within 10 days of the mediation, the mediator will prepare the necessary Statement of Agreement or Non-agreement and serve it on the parties. The original will be filed with the Foreclosure Mediation Program Administrator and the mediation will be closed. If there is an agreement, the parties will execute the appropriate documents. If there is no agreement, the parties will be free to pursue other legal remedies.. If there is no agreement, the parties will be free to pursue other legal remedies. Additional ResourcesRelated Questions1 Attorney answers: 
Asked by a user in Las Vegas, NV - about 2 years ago. 3 Attorney answers: 
Asked by a user in Las Vegas, NV - over 1 year ago. 1 Attorney answers:
Asked by a user in Pahrump, NV - about 2 years ago. Find Speeding Ticket LawyersRelated Searches |