REAL ESTATE / Nevada Foreclosure Mediation

Nevada Foreclosure Mediation

After a filing of a Notice of Default and Election to Sell with the County Recorder, Nevada homeowners are automatically enrolled in mediation. Once the lender provides the homeowner with a copy of the NOD and information on scheduling a mediation, the homeowner must return an Enrollment Form to the Nevada Foreclosure Mediation Program within 30 days of receiving the NOD or within 20 days of receiving a judicial foreclosure complaint. Failure to return the Enrollment Form along with the $200 mediation fee will result in the lender receiving a Certificate from the FMP allowing it to proceed with foreclosure.

Once you have returned the Enrollment Form and the $200 fee, the lender is required to attend the mediation, and have a representative at the mediation who has the authority to negotiate or modify the loan. The lender must also provide the original or certified copy of the Mortgage Note, Deed of Trust and any assignments of the Mortgage Note and Deed of Trust. In addition, the lender must also provide an Appraisal or Broker’s Price Opinion of the property that is dated no more than 60 days from the date of mediation and an estimate of the property’s short sale value. The failure of the lender to follow the above requirements will prohibit it from proceeding with the foreclosure.

The mediation is overseen by a randomly assigned mediator who is a neutral party and cannot give legal advice. The mediator’s role is to oversee the process and make sure that the rules are followed and both parties negotiate in good faith. The mediator has the power to find the lender in bad faith for failure to participate according to the rules and provide the necessary documents. At the conclusion of the mediation, either party has the right to file a Petition for Judicial Review if they disagree with the outcome of the mediation.

Mediation is a confidential process that allows the homeowner the opportunity to sit face-to-face with the lender to discuss the status of the loan and alternatives to foreclosure such as retention (modification) or liquidation (short sale or deed-in-lieu). Mediation allows for a more efficient, cost effective and faster resolution to your mortgage issues.

If you are in danger of losing your home to a foreclosure, give LJ Law a call. Our attorneys have many years of experience representing all the major banks and will use their in-depth, inside knowledge of the banks guidelines and requirements to your advantage and get you the best possible result for your situation. We can save your home from foreclosure.

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