Nevada: The Foreclosure Mediation Program
If you are facing foreclosure on your home in Nevada and a notice of default has been filed on your home, you may be able to get help through The Foreclosure Mediation Program (FMP).
The Foreclosure Mediation Program was established as a result of Assembly Bill 149, which was passed during the 2009 Nevada Legislative session. The program is a process where a neutral third party (the mediator) is assigned by the State of Nevada Mediation Administrator who will schedule a meeting between the Homeowner(s) and Lender in an attempt to negotiate an alternative to foreclosure. The program is only available on homes that are owner-occupied. However, if you do elect to participate in the mediation program, participation by your lender is mandatory and your lender must act in good faith during the mediation.
In order to execute your right for mediation, you must send by certified mail, a completed Election of Mediation Form and a $200 fee to the trustee as well a copy of the completed form to the Mediation Administrator no later then 30 days after the Notice of Default and the Election/Waiver of Mediation form is mailed to you by your lender. The lender must mail these documents to you within 10 days of filing the Notice of Default and Election to Sell at the County Recorder’s Office. If you are unsure if a Notice of Default has been filed, a simple search can be done to find out.
Once your Election of Mediation Form is received, the Trustee must send the form along with $400 ($200 from the property owner, and $200 from the lender) by money order or cashier’s check to initiate the mediation process. The FMP Administrator will then assign a Mediator to the file within 10 days of receiving the form and the $400. Mediations must be concluded within 90 days of the date the Notice of Default was recorded.
At the mediation, both the homeowner and the lender shall submit to the mediator a confidential nonbinding proposal for resolving the foreclosure. The lender shall also provide the evaluative methodology used in determining the eligibility of the homeowner for a loan modification. The Lender will also need to bring the following to mediation: the original or certified copy of the deed of trust, the original or certified copy of the mortgage note, and the original or certified copy of each assignment of the deed of trust and mortgage note.
If either the homeowner or the lender is not happy with the results of the mediation process, either party may file a petition for judicial review with the district court.
Please contact me for any additional information about the program.
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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