Since it was first implemented by the Nevada Legislature earlier this year, Nevada’s Foreclosure Mediation Program has become a big deal for Las Vegas and other Nevada homeowners who have received a foreclosure notice.
There have been over 2,200 mediation requests, and according to an article in the Las Vegas Business Press, there have been up to 100 mediation requests per day according to the program’s project manager Verise Campbell. The article also noted that Clark County reported 6,160 notices of default in December according to the Foreclosure Mediation Program data. And the first week of September was the peak with 1,742 homeowners in the county receiving foreclosure notices.
How successful is Nevada’s Foreclosure Mediation Program so far?
It’s hard to say right now. There have been approximately 50 actual mediations since mid-September, though information about the outcomes is not available to the public. But what is clear is that there is bid demand for loan modifications from Las Vegas homeowners facing foreclosure.
The primary advantage of the program is that a Nevada homeowner who receives a foreclosure notice can request a mandatory foreclosure mediation sessions within 30 days of receiving the foreclosure notice. That means an in-person meeting with a representative of the mortgage lender, a professional foreclosure mediator, the homeowner and the homeowner’s lawyers. (And yes, you most likely do want to have a lawyer with you for this process.)
If you’ve received a foreclosure notice and want to talk with a Las Vegas bankruptcy lawyer about the foreclosure mediation process as well as other options, please contact us for a free foreclosure consultation. We’ll provide you with all of the Las Vegas bankruptcy information you’ll need to make an informed decision. And we’ll do everything we can to help you start getting your financial life back together.
Contact Haines and Krieger today for a free consultation at 702-903-1385.