A Las Vegas Now Article reports that the foreclosure mediation law allows any homeowner going into foreclosure to force their mortgage lender to try mediation first. Under the law, if the mediator finds that the bank did not come to the table in good faith, the case moves to district court for sanctions.
Homeowners frustrated with their lender now have one more way to fight back and avoid foreclosure. The law is called the Nevada Foreclosure Mediation Program.
The attorney for Chase Bank was clearly not happy to be in court Thursday morning. Homeowner Raul Cardenas has been fighting since last December to stay in his home. Chase Bank holds his mortgage.
The judge decided there was enough to go forward to a sanction hearing against Chase Bank but he did tell both sides to go back to mediation. Judge Donald Mosley says the two sides should work out a modification agreement. If they can not do that, a sanction hearing has been set for Nov. 13th.