MADAM SPEAKER’S PLAN TAKES OFF
The first two mediations under the landmark Nevada Foreclosure Mediation Program (FMP) have been scheduled for September 14.
One of the program’s newly appointed mediators has scheduled the mediations to kick off the program that was created by the Nevada Legislature to help keep financially struggling Nevada residents in their homes. Both mediations involve homes in Las Vegas.
Under the FMP rules, mediators who are assigned cases are responsible for scheduling the mediations after consulting with homeowners and representatives of the lenders.
“This is a milestone for a program that we have been working very hard to implement,” said FMP Manager Verise Campbell. “The first 97 mediators were appointed just last week and they have a considerable amount of work ahead of them.”
Ms. Campbell noted that more than 650 requests for mediation have been received by the program and once it is running at full speed, more than 1,000 mediations a month are anticipated. The program expects to train and appoint more mediators in the next few months.
“It is unfortunate that Nevada is the nation’s number-one state for foreclosures, but we hope that this program will help keep some homeowners in the houses they worked so hard to acquire,” she said. “The way the program is structured under the law and Supreme Court rules, both homeowners and lenders can benefit.”
The program allows homeowners and lenders to sit down with trained mediators to discuss alternatives to foreclosure. The mediations, which are confidential, are required to be conducted within 80 days of a Notice of Default and Election to Sell being recorded by the lender and served on the homeowner.
Only owner-occupied homes are eligible under the law and only if a notice of default was recorded on or after July 1, 2009.
Once a homeowner elects mediation, the lender must participate. The $400 mediation fee is split equally between the two parties.
The Administrative Office of the Courts is administering the program and has established a webpage with a variety of information and forms, including some information in Spanish.