Find Mediators Near You:

48 New Mediators Sworn In To Nevada Foreclosure Mediation Program

From the Disputing Blog of Karl Bayer, Victoria VanBuren, and Holly Hayes.

On October 27th, 48 new mediators were sworn in to the State of Nevada Foreclosure Mediation Program (FMP). This brings the total number of authorized FMP mediators in Nevada to 293. The FMP was created by Assembly Bill 149 during the 2009 Nevada Legislature session. According to a June 21, 2010 fact sheet:

The FMP applies to residential properties located in Nevada that are owner occupied and the primary home of the owners. Additional eligibility requirements include a Notice of Default (NOD) and Election to Sell that was filed with the County Recorder on or after July 1, 2009. Homeowners that received a NOD prior to July 1, 2009 and meet the other requirements listed above may agree with their lender to opt into the FMP upon written agreement to the FMP Administrator.

Under the program, an eligible homeowner has 30 days after receiving a NOD to request mediation. A nonrefundable mediation fee of $200 and a “Financial Statement and Housing Affordability Worksheet” are also required from the homeowner. Once a lender receives notice that a homeowner has elected to participate in the FMP, it must participate in good faith in the mediation. After the lender pays an additional $200 mediation fee, Nevada Supreme Court Rules require that a mediation take place within 135 days.

Within 10 days after a mediation concludes, the mediator must file a Mediator Statement with the FMP. If not satisfied with the outcome of mediation, either party may petition for judicial review within 15 days of receiving the Mediator Statement.

Between July 1, 2009 and June 30, 2010, 79,232 Notices of Default were reported for all properties across Nevada, 8,738 FMP mediations were requested and 4,212 FMP mediations were completed. 46% of mediations completed resulted in the homeowners remaining in their homes and 89% ended with a result other than foreclosure.

Prior to being sworn in, the 48 new mediators attended a two and a half day training session which focused “on the foreclosure and modification process, mediation skills and FMP procedures. The mediators consist of Nevada attorneys and professional mediators.”

You can read the entire article from the Nevada Judiciary here.

Over the last few months, Disputing discussed the mid-year statistics for the Third Circuit Court of Hawaii’s Foreclosure Mediation Pilot Project here, state-mandated foreclosure mediation in Florida here and Connecticut’s Home Foreclosure Mediation Program here.

                        author

Victoria VanBuren

Victoria VanBuren holds a B.B.A. in Finance from Southern Methodist University and a J.D. from the University of Texas School of Law.  She focuses on intellectual property law and arbitration. Known as a "worker bee," she is an active legal blogger and is currently pursuing a degree in computer science.… MORE >

Featured Members

ad
View all

Read these next

Category

Focusing On Interests Rather Than Positions — Conflict Resolution Key

Life is far easier when people have the sense to see things our way. In the real world, however, capital planning, corporate borrowing, annual budgeting, and priority setting all tend...

By Steven P. Cohen
Category

Pearlstein, Arthur: ADR Field More Common – Video

Arthur Pearlstein explains how the ADR field has become more commonplace. However, he notes there is still resistance because of the judicial system's structure.

By Arthur Pearlstein
Category

Through Jazz, Bringing Mediation ‘Fresh To Life’

Copyright 2008 Daily Journal. Posted with permission.MALIBU - One day last week, a jazz trio let loose before a rapt audience with an improvised performance of Jerome Kern's 1933 standard,...

By Greg Katz
×