Las Vegas Channel 4 Article reports that The Nevada Foreclosure Mediation Program is ready to get down to business in Northern Nevada after a small group of about 25 mediators were sworn in on Monday. This small group was added to the existing 97 previously sworn in.
“It’s a milestone because we’ve sworn in the initial mediators, sort of the front line of people who will be working with homeowners and lenders to see if loan modification programs and arrangements can be reached,” said Nevada Supreme Court Justice James Hardesty. Program administrator Verise Campbell said they are receiving on average 78 mediation requests each day. Hardesty says about 95 mediators across the state are ready to go to work, and about 100 more will be trained in the coming weeks.
“The mediators say they will not be taking sides on the issue. They will be suggesting alternatives and different solutions. When all sides do get together to negotiate a potential loan modification, it will likely be the first time homeowners will be able to tell their lenders their situation. The mediations will likely deal with plenty of emotions on both sides as homeowners try to stay in their homes and banks protect their money. Some mediators say they are expecting emotions to play a role in the final outcome, but they say the financial facts will also be important to the decision.”