Get foreclosure mediation in Nevada.

Nevada has implemented a new program to help slow down or prevent unneeded home foreclosures. The Supreme Court has implemented rules for a new assistance program that is aimed at stopping the record number of foreclosures in Las Vegas and elsewhere across the state.

There will be a minimum fee. Participation in the new Nevada foreclosure mediation program will cost both the lender and homeowner a mere $200.

Professional and highly trained mediators who preside over the counseling sessions will undergo at least four hours of training. Over 400 attorneys and other well qualified professionals have expressed interest in working the sessions as mediators to try to provide their help and knowledge.

Is foreclosure mediation required in Nevada?

Yes. The new rules state that participation in the mediation program is mandatory for the bank or lender when a homeowner who receives a foreclosure notice requests mediation within a certain time frame. Once the mediation or counseling is requested, a mediation administrator will assign one of the professional mediators to oversee the meeting between the lender and homeowner, according to the rules.

There are some conditions for the homeowner. In order to be eligible for the new foreclosure mediation program, the Nevada supreme court rules say that the homeowner must occupy the home. Also, any owners who have filed for bankruptcy protection may be prohibited from receiving aid.

 

 

 

Under this program, any homeowner who lives in the home and who receives a foreclosure notice can request an opportunity to sit down with the bank or lenders, as well as a trained mediator, and they can explore whether a mutually agreeable resolution can be reached, such as a loan modification, refinancing, short sale, or other options. Find additional government foreclosure programs.

Currently, the state expects between 1,500 to 2,000 requests for mediation the first month, many of which are expected from Las Vegas and Reno.

While the new regulations take effect July 31, sessions will start in August. A homeowner who receives a foreclosure notice of default beginning today, July 1st, can request an immediate mediation session with the financial institution in an attempt to modify the loan, even though it is still technically before the official start of the program. The holder of the note must attend the session.

In addition, another huge benefit is that the rules state that those who received foreclosure notices before July 1 can seek voluntary mediation if both sides agree to this.

Some of the outcomes of the Nevada mediation process can include a loan modification, a short sale, or a Deed in Lieu of Foreclosure.

Dial 702-430-6386 to learn more.