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The State of Nevada Foreclosure Mediation Program has released its Beneficiary Compliance Outcomes Report for the first six months of FY 2012. The report details beneficiary compliance with NRS 107.086 for 198 beneficiaries who have participated in foreclosure mediations from July 1, 2011, to December 31, 2011.
The full report can be found on the program’s website located at http://foreclosure.nevadajudiciary.us/.
NRS 107.086 requires the beneficiary (lender) of the deed of trust to attend foreclosure mediation, participate in mediation in good faith, have authority to negotiate at mediation, and to bring to mediation the original or a certified copy of the deed of trust, the mortgage note and each assignment of the deed of trust or mortgage note.
From July 1, 2011, through December 31, 2011, beneficiaries attended mediations 98 percent of the time, had authority to negotiate in 96 percent of the mediations, participated in good faith 96 percent of the time, and brought the required documents to 64 percent of mediations. These separate metrics were gathered from the results of mediations held, mediations not held, and when parties reached an agreement prior to mediation. The compliance outcomes are not interrelated to one another.
The report details compliance for 198 beneficiaries, including specific compliance reports for the following six beneficiaries, which had the highest number of mediations: Bank of America, Wells Fargo, JP Morgan Chase, Ally/GMAC, US Bank, and CitiGroup.
AB 300, introduced during the 2010 Nevada Legislature, requested the Foreclosure Mediation Program provide detailed statistics regarding beneficiary compliance. “Although AB 300 did not become law, the Foreclosure Mediation Program recognized the need to provide beneficiary compliance information based on requests from beneficiaries, their representatives, and the general public,” said Deputy Director Verise V. Campbell.
Nevada’s Foreclosure Mediation Program was created in 2009 to provide homeowners with an opportunity to seek mediation with their lenders to discuss alternatives to foreclosure.
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Foreclosure Mediation Program Releases Beneficiary Report Card
Nevada’s Foreclosure Mediation Program Highlighted By The U.S. Department Of Justice Access To Justice Initiative
27 January 2012The US Department of Justice (DOJ) Access to Justice Initiative has identified the State of Nevada Foreclosure Mediation Program as a model program for initiating foreclosure mediation programs across the United States.
In a report released in December 2011, the DOJ highlights the efforts of state foreclosure mediation programs to facilitate an alternative to foreclosure in circumstances where such an outcome is feasible. The report cites Nevada’s program as an effective program offering help to homeowners facing foreclosure in the nation’s highest foreclosure state.
FMP Deputy Director Verise V. Campbell was invited to the White House in November 19, 2010 to participate in a panel hosted by the Access to Justice Initiative and Vice President Joe Biden. Following this event, the DOJ began evaluating the success of state foreclosure mediation programs and looking for best practices. Nevada’s program was identified for developing policies and procedures that can be shared with other states. Recently, planners in Hawaii and Washington consulted with Nevada’s program in implementing foreclosure mediation programs in those states.
“As one of the first statewide non-judicial foreclosure mediation programs, we felt it important to develop a model that could easily be duplicated by other programs. As we built our program, we engaged other state programs to glean viable information and to share our successes and challenges,” said Deputy Director and Program Manager Verise V. Campbell. “We continue this effort with input from the program’s Advisory Committee made up of representatives from homeowners, lenders, trustees, mediators and real estate professionals.”
The Nevada State Legislature created the State of Nevada Foreclosure Mediation Program in 2009 by to address the foreclosure crisis in Nevada. Between September 2009 and September 2011, a total of 13,813 homeowners participated in the program with 11,674 mediations resulting in no foreclosure. During this period, 3,868 homeowners were able to remain in their homes through loan modification. Another 2,034 homeowners agreed to other alternatives to foreclosure, such as a short sale agreement.
To find out more information about the State of Nevada Foreclosure Mediation Program, please go to www.foreclosuremediationnv.org, or on Facebook at www.facebook.com/fmpnv .
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Rebuild Southern Nevada Expo Looks at Foreclosure Mediation
17 November 2011
The Rebuild Southern Nevada Expo has invited the Nevada Foreclosure Mediation Program (FMP) to present information about foreclosure mediation at a free event scheduled for Saturday (Nov. 19) from 10 a.m. to 4 p.m. at Palace Station Hotel Casino, 2411 West Sahara Avenue, in Las Vegas. Pre-registration is scheduled at 9:30 a.m. November 19.
The Alliance for Stabilizing our Communities and Housing for Nevada have organized this event to help provide homeowners with the tools and resources to better understand their options for avoiding foreclosure or finding alternatives to foreclosure. The event will allow homeowners to learn more about foreclosure mediation and meet one-on-one with loan servicers and HUD-approved housing counselors.
Participants can pre-register for the event by calling (702) 229-4663 or visit the event website.
The Alliance for Stabilizing our Communities and Housing for Nevada have organized this event to help provide homeowners with the tools and resources to better understand their options for avoiding foreclosure or finding alternatives to foreclosure. The event will allow homeowners to learn more about foreclosure mediation and meet one-on-one with loan servicers and HUD-approved housing counselors.
Participants can pre-register for the event by calling (702) 229-4663 or visit the event website.
EVENTO GRATUITO
“Reconstruyendo el Sur de Nevada”
Rescata tu casa – Encuentra un trabajo – Compra una casa
Sabado 19 de Noviembre 2011
Palace Station Hotel y Casino – Grand Ballroom
Inscripcion: 9:30a.m.
Evento Gratuito: 10:00 a.m. – 4:00 p.m.
FMP To Offer Homeowner Information at Las Vegas Event
The Nevada Foreclosure Mediation Program (FMP) will offer information about foreclosure mediation at a First-time Homebuyer and Foreclosure Prevention Workshop scheduled for Saturday (Oct. 22) from 9 a.m. to 2 p.m. at Cashman Center, 850 N. Las Vegas Blvd., in Las Vegas.
The series of workshops will enable homeowners facing foreclosure to learn more about programs available to them, including Nevada's Foreclosure Mediation Program, to find alternatives to foreclosure. The workshops also will offer first-time homebuyers will information about how to avoid foreclosure in the future.
The event is sponsored by the Federal Home Loan Bank of San Francisco and the Department of Housing and Urban Development (HUD). Participants can pre-register for the event by visiting www.fhlbsf.com.
The series of workshops will enable homeowners facing foreclosure to learn more about programs available to them, including Nevada's Foreclosure Mediation Program, to find alternatives to foreclosure. The workshops also will offer first-time homebuyers will information about how to avoid foreclosure in the future.
The event is sponsored by the Federal Home Loan Bank of San Francisco and the Department of Housing and Urban Development (HUD). Participants can pre-register for the event by visiting www.fhlbsf.com.
Supreme Court Now Accepting Applications for Foreclosure Mediation Advisory Committee
The Supreme Court of Nevada is seeking members to serve on the State of Nevada Foreclosure Mediation Program Advisory Committee.
The Advisory Committee will evaluate the effectiveness, operation, policies and practices of the State of Nevada Foreclosure Mediation Program. The Advisory Committee also will review program rules, identify state and federal programs related to foreclosures of owner-occupied residences in Nevada, and submit recommendations to the Supreme Court of Nevada.
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The Advisory Committee will evaluate the effectiveness, operation, policies and practices of the State of Nevada Foreclosure Mediation Program. The Advisory Committee also will review program rules, identify state and federal programs related to foreclosures of owner-occupied residences in Nevada, and submit recommendations to the Supreme Court of Nevada.
Read more...
