Foreclosure mediation allows homeowners to sit down with a lender and talk about alternatives to foreclosure. Under the State of Nevada Foreclosure Mediation Program (FMP), lender representatives who attend mediations must have the authority to negotiate and modify the terms of loans. This improves the chances that a homeowner and a lender can reach an agreement that avoids foreclosure. Mediations often result in loan modification, short sale agreement, or other resolution.
The FMP applies to residential properties located in Nevada that are owner-occupied and the primary residence of the owners. Additional eligibility requirements include a Notice of Default (NOD) and an 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 opt into the program upon written agreement with their lender.
An eligible homeowner has 30 days after receiving the NOD to request mediation by completing the Election/Waiver Form, and submitting the non-refundable mediation fee of $200. The Election/Waiver Form and instructions should be included in a packet when the lender serves the NOD upon the homeowner.
Homeowners should return the Election/Waiver Form and a money order or certified check in the amount of $200 to the FMP by certified or registered mail, return receipt requested. Homeowners also must mail a copy of the Election/Waiver Form to the Lender's Trustee by certified or registered mail, return receipt requested.
After the program receives the Election/Waiver Form and the $200 mediation fee from the homeowner and the Lender/Trustee, a mediator will be assigned.
Once a mediator has been assigned, a Document Conference will take place to determine what documents are required by the lender to consider alternatives to foreclosure. After the Document Conference, the lender will forward a Required Documents List to the homeowner. This list will include financial documents, tax documents, and other documents needed to consider a loan modification, short sale, or other alternatives to foreclosure. Homeowners must return the documents requested on this list to the beneficiary and the mediator within 15 days.
Document exchange takes place until all documents are returned to the mediator and the beneficiary within a timeline outlined in FMP Rule 11. Failure to provide documents in a timely manner may result in no agreement at mediation and the possibility of the FMP issuing a certificate allowing the beneficiary to proceed with foreclosure.
Homeowner Documents Packet
This packet contains the documents required by the program. These forms should have been provided by the Lender/Trustee along with the Notice of Default.
- Election/Waiver Form
- Required Document List - Sent after the Document Conference
Petition for Judicial Review
Parties who have participated in the State of Nevada Foreclosure Mediation Program have the right to seek a review with the District Court. A Petition for Judicial Review (PJR) must be filed in the District Court 30 days from receipt of a Mediator’s Statement. In addition, a PJR may be filed following the expiration of an agreement reached between the parties in mediation.
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