Rules passed by the Nevada Supreme Court provide for orderly, timely, and cost-effective mediations. Under the program rules, mediations must take place within 135 days of the homeowner's request for mediation, the submission of mediation fees by both parties, and the production of required documentation by the lender and homeowner.
When mediation is scheduled, the lender must have someone present (either in person or by telephone) who has the authority to modify the terms of the loan. The mediator must approve participation via telephone prior to the date of the mediation. Homeowners must also appear and may have a representative who is an attorney licensed to practice in Nevada, a foreclosure or loan modification professional licensed under NRS 645F.310, or an U.S. Department of Housing and Urban Development (HUD) approved housing counselor employed by HUD-Approved Housing Counseling Agencies. Both the homeowner and lender must mediate in good faith.
Foreclosure Mediation Program Rules - Current
Foreclosure Mediation Program Rules - Effective April 1, 2014