LET THEM IN
Only homeowners who received a Notice of Default (NOD) after July 1, 2009, occupy the home and are quick enough to send a letter requesting mediation within 30 days of receiving the NOD can participate in foreclosure mediation, technically speaking. Since mediation is so dear, why not allow other people into the Nevada Foreclosure Mediation program?
First and foremost, let in homeowners in foreclosure who received their NOD prior to July 1, 2009 and are trying to modify their loans. There are 10’s of thousands of those. What takes 4 months outside of mediation takes 4 hours in a mediation, literally.
Second, let in rental properties in various stages of foreclosure. There are thousands of those. Who cares if they are occupied by a renter rather than an owner, seriously.
Third, let in homeowners who are still current on their mortgage or are delinquent, but not yet in foreclosure. Mediation works well in divorce cases, why not here?
Last but not least, let in commercial property owners of all types. Commercial foreclosures are virtually going to swamp the Valley in the next six months. Besides, commercial cases would settle just as readily as residential, but probably take several mediation sessions instead of one. Commercial banks and property owners are accustomed to mediation, and mediation historically works well for commercial property disputes.
This aching decade long “real property correction” is going to dampen the economy for generations. It’s time to pull the rotting teeth out. The right to a mediation should be afforded to all Nevada property owners, not just a privileged few.