The 30 Day Deadline to Elect Foreclosure Mediation

The Supreme Court of Nevada in its June 30, 2009 adoption of the Rules, sets forth its version of the 30 day time limit for the Homeowner to elect mediation as follows: Rule 5(4). “The mediation process under these rules shall be initiated by the preparation and delivery of an Election of Mediation by aContinue reading “The 30 Day Deadline to Elect Foreclosure Mediation”

Buying and Bailing in Vegas

THE PARTYLucky owned a condo in Las Vegas which he bought in 2005, and financed with a $220,000 loan. He paid $1,800 a month against the mortgage. He made good money as a health care worker at one of the hospitals and was recently promoted to manager. He always paid his mortgage on time, soContinue reading “Buying and Bailing in Vegas”

Strategic Default- When Homeowners Run Away From Their House

Why Some Homeowners Choose to Abandon While the Obama administration’s housing policy has been largely influenced by a study of the Boston housing market during the 1990-91 recession in which homes devalued by approximately 10 percent, new research suggests that a novel phenomenon is at hand in the fallout of today’s more severe housing crisisContinue reading “Strategic Default- When Homeowners Run Away From Their House”

Vegas Foreclosure Mediation is a Push for the Bank and Homeowner

THE FOLLOWING STORY NEVER HAPPENED IN VEGAS The Vegas famly has owned a home in Las Vegas for 4 years, and live with their 3 children. Mr. Vegas is a residential new home electrician, and had his hours cut last summer. Mrs. Vegas works as a caterer, now more part time than full time, atContinue reading “Vegas Foreclosure Mediation is a Push for the Bank and Homeowner”

Why Many Mediations Will Result in the Homeowner Transferring Title and Possession to the Bank

ADIOS A SU CASA I am not sure that the ultimate result at a foreclosure mediation will be what the Supreme Court envisions, said an attorney to the Nevada Supreme Court yesterday. Chief Justice Jim Hardesty replied that they don’t have a specific “vision” other than some sort of “resolution”. The attorney was referring toContinue reading “Why Many Mediations Will Result in the Homeowner Transferring Title and Possession to the Bank”

Supreme Court Hearing on Nevada Foreclosure Mediation

I just returned from attending a public hearing where the Nevada Supreme Court entertained questions and comments from a variety of people in the audience regarding the new Mandatory Foreclosure Mediation Law. Barbara Buckley, the Assembly Speaker who authored the law, praised the hard work of the Supreme Court and “looked forward to her furtherContinue reading “Supreme Court Hearing on Nevada Foreclosure Mediation”