The State of Nevada Foreclosure Mediation Program (FMP) provides homeowners with an opportunity to meet face-to-face with their lender to see alternatives to foreclosure. The program was initiated to provide homeowners and lenders to work together to see a mutually acceptable resolution to a mutual dilemma.
Homeowners must elect to participate in the program. The Election/Waiver Form is provided by the Trustee/Lender with the Notice of Default (NOD). The FMP has provided these forms on its website for Trustees and Lenders to utilize.
The FMP will notify the Trustee/Lender upon receipt of the Election/Waiver Form. The homeowner also is required to send a copy to the Trustee/Lender.
Upon receipt of the homeowner's completed Election/Waiver Form, the lender has 10 days to submit the required Trustee Information Form; recorded copy of the Notice of Default and the required $200 fee. Upon notice that the homeowner has elected to participate in the State of Nevada Foreclosure Mediation Program (FMP), lenders must participate in good faith in mediation.
Lenders must provide the following documentation to the mediator and homeowner at least 10 days prior to the mediation:
- Original or Certified Copy of the Deed of Trust
- Mortgage Note; and,
- Each assignment of the deed of trust and mortgage note.
Additionally, the lender must provide the mediator with the following documents:
- An Appraisal or Broker's Price Opinion (with prior approval by the mediator) dated not more than 60 days from the date of the scheduled mediation;
- A Confidential Proposal to resolve the foreclosure; and,
- The Evaluative Method used to determine eligibility/non-eligibility for a loan modification.
The non-binding proposal and evaluative methodology should be provided to the mediator under confidential cover.
Any delay by the lender will extend the time it takes for the mediation to be scheduled and held.
Trustee Document Packet
This packet contains the required documents to be provided by the Trustee/Lender to participate in mediation.
- The original or a certified copy of the deed of trust, the mortgage note, and each assignment of the deed of trust and each endorsement of the mortgage note.
- Appraisal and/or Brokers Price Opinion (BPO) not more than 60 days old (prior to the date of mediation).
- Evaluative Methodology used to determine eligibility or no eligibility of the homeowner for a loan modification.
- Confidential Proposal document to resolve the foreclosure.
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.
If you recently participated in a mediation, please complete our Customer Survey.