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 80 days of a Notice of Default and Election to Sell being recorded by the lender and served on the homeown
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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.
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Mediators Appointed For Foreclosure Mediation Program
The 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.
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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.
“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.”
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Once all submissions are in, cases will be assigned to mediators within 10 days
In 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.
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Training sessions for the Nevada Foreclosure Mediation Program
The 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.
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