I just returned today from attending a foreclosure mediation Continuing Legal Education Course this morning at the BofA building in downtown Las Vegas. I get 3.5 units of Credit including .5 of “Ethics” towards my mandatory 12 units required to maintain a Nevada law license. The instructors were outstanding because not only were they intimately involved in the legislative formation of AB 149, the Foreclosure Mediation Law, but also because they were from Nevada Legal Services, an agency that provides free legal services to those in need and is purportedly “not bias”. There was standing room only.
They confirmed most of what I suspected but raised some interesting questions also. For example, what is meant by “certified” when referring to the lender’s requirement of provding a certified Promisory Note? What is meant by “authority” when referring to the lender’s requirement have a representative at the mediation who has authority to modify the loan? What is mant by “good faith” when referring to the Homeowner’s requirement to negotiate in good faith (using the mediation strictly for a delay tactic could be “bad faith.”) Should a homeowner always elect to go to mediation? If not, then under what circumstances should a homeowner not elect? Finally, how much power does the mediator really have? If the homeowner doesn’t show up at the mediation, can the mediator set a trustee sale date? The mediator can probably recommend a monetary “sanction” against either party.
A “public hearing” is set for June 26, 2009 at the Court House to allow everyone to ask questions of a panel about the Program. Expect the Sun and RJ to be there to report.