I was recently asked, "I have clients that have listed their properties as short sales. They also have filed for mediation. I'm not sure if the mediation will suspend the short sale process or if they'll both continue forward at the same time. Do you know how the Nevada Foreclosure Mediation Program can impact short sale negotiations and vice versa?"
Marie S.
Las Vegas, NV
A short sale approval is one of the possible outcomes of the Nevada Foreclosure Mediation Program. However, according to your question, you do not have a sale yet. You have the property listed. Perhaps, by the time you get to mediation you will have a sale. If you have a sale before you get to mediation, you should process the short sale with the lienholder and their assigned loss mitigator. If you get an approval from the lienholder bring that information to the mediation. In other words, you should be working both simultaneously. What if you don't have a sale when you get to mediation? You might seek to get a pre-approved short sale under the HAFA guidelines effective April 5th, 2010. May I suggest you sign up for our $9.95 webinar on April 7th - the link is on our events page at www.shortsaleprofessionalnetwork.com Attorney Robert Noggle, Jan O'Brien, and I will be presenting some valuable information. By the way, the best number to contact Mr. Noggle is (702) 592-1938 (Cell). If you call that number you are sure to get him! P.S. If a Notice of Default ("NOD") has been filed, the Foreclosure Timeline continues to run. However, a trustee can not conduct a trustee sale unless they can produce a certificate indicating that the mediation has concluded. Please note that the Nevada's Foreclosure Mediation Program (FMP) and the Government programs HARP, HAMP, & HAFA are for owner-occupied properties.
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