Statistics

The State of Nevada Foreclosure Mediation Program (FMP) began its first year of operation in July 2009 and conducted its first mediations on September 14, 2009. The program was created by the Nevada Legislature to focus on the state’s growing foreclosure problem by bringing eligible homeowners and lenders together to discuss alternatives to foreclosure. Fiscal Year 2011 marked the second year of the program.

Historical Statistics (September 14, 2009 - December 31, 2011)

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Beneficiary Compliance with NRS 107.086 (July 1, 2011 - December 31, 2011)

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Program Report for Fiscal Year 2011 (July 1, 2010 - June 30, 2011)

In FY 2011, a total of 54,191 Notices of Default (NOD) were filed in the state, as reported by Nevada’s county recorders. The program received 8,133 requests from homeowners to participate in mediation, totaling 15-percent of the statewide NOD total. Of the number of homeowners seeking mediation, a total of 7,424 mediations were completed by trained foreclosure mediators.

The number of properties determined ineligible for the program under NRS 107.086 totaled 709.  The program is only available to homeowners of owner-occupied residential property in Nevada. Eligible homeowners participate in foreclosure mediation by submitting an election form along with a non-refundable $200 mediation fee. A matching $200 fee is submitted to the program by the respective lender. Eligible homeowners also may choose to waive participation in the program.

A total of 6,370 mediations resulted in no foreclosure in FY 2011. Of that number, agreements between the lender and the homeowner totaled 3,227, or 51-percent.  The number of agreements allowing the homeowner to remain in the home, through loan modification or other options, totaled 1,941, or 60-percent. Agreements by homeowners to vacate the home and proceed with an alternative to foreclosure, such as a deed in lieu, short sale agreement or cash for keys, totaled 1,279, or 40-percent of the agreements reached in mediation.

A total of the 3,143 mediations resulted in no agreement between the lender and homeowner as a result of lender non-compliance with NRS 107.086. In these instances, the lender was not permitted to foreclose on the property. This result totaled approximately 49-percent of all mediations resulting in no foreclosure in FY 2011.

The number of mediations completed in FY 2011 increased by 76-percent from the previous fiscal year’s total of 4,212. A total of 7,424 mediations were completed in FY 2011.

In FY 2011, the State of Nevada Foreclosure Mediation Program issued a total of 47,919 certificates for properties ineligible for the program. A total of 1,983 certificates were issued for eligible properties.