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What is the foreclosure mediation
program?
The program, which was created when
Assembly Bill 149 became law, allows
homeowners who get a notice of default
to go into mediation with their lender
in front of a court-appointed mediator.
Both parties are required to negotiate
in good faith toward a potential
resolution, which might include a loan
modification. The law was created after
looking at similar programs in such
states as Colorado, Connecticut,
Florida, Massachusetts, Michigan and
Pennsylvania.
When does it go into effect?
July 1. Forms and finalized rules will
be available on the Nevada Supreme
Court’s Web site at http://www.nevadajudiciary.us.
Who qualifies?
Homeowners who receive a notice of
default on July 1 and thereafter will
receive a mediation form along with
their notice. Homeowners will then have
30 days to request mediation. Homes must
be owner-occupied and not be investment
properties. Homeowners who already have
surrendered their homes to the lender or
have started bankruptcy proceedings will
not be eligible. Homeowners who received
a notice of default before July 1 will
only be eligible if their lender
provides consent.
How much will it cost?
Lenders and borrowers are required to
pay $200 each to pay for mediation
costs. Non-native speakers will have to
provide their own translator.
Where do I get more information?
For more information — including
requesting a mediation or volunteering
as a mediator — contact the program
administrator’s office at 775-687-9816
or e-mail foreclose@nvcourts.nv.gov.
Source: http://www.rgj.com/article/20090620/NEWS/90620031/1321
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Last
Updated:
06/26/09 04:34:59 PM |
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