The Nevada Legislature created the State of Nevada Foreclosure Mediation Program (FMP) in 2009. The FMP allows grantors (homeowners) of owner-occupied residential property to seek foreclosure mediation after the filing of a Notice of Default (NOD) by a beneficiary (lender), or a trustee representative (trustee) of the beneficiary.
Homeowners (grantors) must elect to participate in mediation within 30 days of receiving a Notice of Default. The FMP verifies owner-occupancy and property eligibility once a homeowner requests mediation, notifies the trustee of an eligible grantor request, and then processes the election in preparation for mediation scheduling and assignment to a mediator.
The FMP focuses on the state’s growing foreclosure problem by bringing eligible homeowners and lenders together to discuss alternatives to foreclosure.
Program Metrics and Outcomes
1Q FY 2013 Statistics (July 1, 2012 - September 30, 2012)
The FMP received 412 requests for mediation (Elections) between July 1, 2012 and September 30, 2012 and scheduled 319 elections for mediation. The FMP found 24 homeowner elections ineligible for various reasons, such as the following: non-owner occupied, vacant land, income property, commercial property, or out-of-date NOD.
FY 2012 Statistics (July 1, 2011 - June 30, 2012)
For Fiscal Year 2012, a total of 4,803 mediations were held, 339 mediations were not held, 425 were settled prior to mediation, and 55 mediations were scheduled for completion in Fiscal Year 2013 (July 1, 2012 – June 30, 2013).
FY 2011 Statistics (July 1, 2010 - June 30, 2011)
In FY 2011, 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. A total of 6,370 mediations resulted in no foreclosure in FY 2011.
FY 2010 Statistics (September 14, 2009 - June 30, 2010)
A total of 8,738 homeowners elected to participate in mediation in the program’s first year from July 1, 2009 to June 30, 2010. The program began mediating cases in September 2009 and mediators were assigned 6,164 mediations. A total of 4,212 mediations were completed by program.