|Supreme Court Amends Foreclosure Mediation Rules to Streamline the Process|
|Friday, 20 November 2009 13:13|
The Nevada Supreme Court has amended the rules governing the Nevada Foreclosure Mediation Program for the second time to tighten timelines and streamline the processes of the innovative program created by the 2009 Legislature.
The Supreme Court, in its November 4 order, declared that homeowners seeking mediation in an effort to hold on to their homes must send their $200 payments for mediation directly to the Foreclosure Mediation Program Administrator. Previously the payments were sent to the trustees, who forwarded the homeowners’ contributions and their own $200 contributions to the program to launch the formal process.
The new rules will facilitate homeowner participation in the mediation program and ensure that requests for mediation are processed as expeditiously as possible.
Amending the rules was always anticipated because of the growing pains that were inevitable with the newly created Foreclosure Mediation Program and because the Supreme Court was given only a few weeks to establish the original rules before the program went into effect on July 1.
The Supreme Court also adopted amended forms that homeowners and trustee/lenders use regularly to ensure efficiency and consistency.
CLICK HERE to access the rules and forms from the Supreme Court website.
Prior to the rules being changed, the Supreme Court held a public hearing in Carson City, with a videoconference link to the Supreme Court’s Las Vegas courtroom at the Regional Justice Center, so persons at both ends of the state could comment.
The Supreme Court adopted the original Foreclosure Mediation Program rules on June 30, 2009, one day before the program went into effect.
Those rules were first amended on Sept. 25, 2009, to address some operational issues and ensure that cases are processed efficiently.
The Foreclosure Mediation Program was created by the passage of Assembly Bill 140 shortly before the end of the by the 2009 legislative session. The new law provides for mediations in foreclosure actions commenced on or after July 1, 2009, as a way to help homeowners keep from losing their houses.
A homeowner who receives a Notice of Default and Election to Sell after that date has 30 days to request an opportunity to sit down with the lenders and a trained mediator and explore whether a mutually agreeable resolution can be reached. The cost of mediation is $400, with homeowners and lenders splitting the cost by each paying a non-refundable $200 fee. Mediations are expected to be conducted within 90 days of the date the notice was recorded.
|Last Updated on Friday, 20 November 2009 13:19|