If you’ve received a Notice of Default on your primary residence, you are eligible for Nevada’s Foreclosure Mediation Program.   Once you receive a Notice of Default, you have 30 days to elect mediation.  You should receive an “Election of Mediation” form along with the Notice of Default.  You can access forms and rules for Nevada’s Foreclosure Mediation Program on the Nevada Supreme Court’s website: http://foreclosure.nevadajudiciary.us/

Once a homeowner elects mediation, all foreclosure proceedings against the home must stop until the lender receives a certificate indicating that it participated in mediation.  By participating in the mediation process, homeowners receive a number of protections they may not have otherwise received.  First, the lender is required to bring documents to the mediation showing that they have proper authority to foreclose on the home at issue.  These include the note for the mortgage, the deed of trust and all assignments, and a recent broker’s price opinion or appraisal.  Because the note and deed of trust often have been transferred numerous times, homeowners should check carefully to see whether the party foreclosing actually has the legal right to do so.  If the lender does not produce all the required documents, the lender will not receive a certificate allowing it to proceed with the foreclosure.

Second, lenders must negotiate in good faith with homeowners at the mediation.  Although this does not mean that homeowners are guaranteed to receive a loan modification, lenders must act reasonably at the mediation and present the homeowner with reasonable alternatives.  And, if a mediator concludes that a lender is not acting in good faith, the mediator will note this on the mediator’s statement about the mediation and the lender likely will not be able to move forward with the foreclosure.

For homeowners who have spent countless hours on the phone with the bank seeking a modification, the mediation process can be a refreshing change.  It may be the only chance you have to sit face-to-face with your lender and learn immediately whether you qualify for a loan modification.

Hamilton Law has considerable experience with Nevada’s Foreclosure Mediation Program.  Hamilton Law will ensure your rights are protected at mediation, and will do everything possible to get you the best possible result.

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