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Nevada Foreclosure Mediation Program: Get Free Help in Reno This Saturday

By
Services for Real Estate Pros with LoanSafe.org

The Nevada Foreclosure Mediation Program that was signed by Governor Jim Gibbons under assembly bill 149 in late 2009 is now in effect to help struggling Nevada homeowners. The law was established to help borrowers who are risk of foreclosure on their primary residences. So, to qualify for foreclosure help, your property needs to be owner occupied and a notice of default would have to have been filed on your property on or after July 1, 2009.

We believe that this is a great program for struggling homeowners who are unable to get mortgage assistance from their servicers. You will now be allowed to negotiate through the Nevada Court system and have a court appointed mediator to watch over the process in order to make sure that you do not get abused by uncooperative mortgage servicers. Mediation is a form of give-and-take process, where both parties attempt to mutually agree to an agreeable solution to their problems.

Please be aware that court mediation is not free. There is a fee of $400, which is to be split between the homeowner and the lender. Each will have to pay $200 prior to the mediation hearings. A lawyer does not have to be present at the hearings, but you are certainly allowed to bring legal representation to the courts. Within 10 days of the hearing, the court appointed mediator will prepare an Agreement or Non-agreement and serve it on both parties. If there’s an agreement, then both parties will be required to submit the required paperwork and follow that agreement. If there’s no agreement, both parties will be free to pursue other legal remedies under the state law.

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