Nevada Mortgage Mediation Program
The State of Nevada Foreclosure Mediation Program was created in 2009 as a way to directly address the foreclosure crisis and help families stay in their homes. The attorneys at Darby Law Practice, Ltd. in Reno can counsel you regarding the Mediation Program and the foreclosure process.
Nevada Mortgage Mediation
Of the more than 15,000 mediations conducted between the start of the program in September 2009 and the end of 2011, foreclosures resulted only about 2,700, or 18% of the time. Over 4,000 families have been able to remain in their home as an outcome of the mediation process, even through they were in default and facing foreclosure. Only a fraction of eligible homeowners have participated in the program, however. For instance, in 2011 there were 7,424 mediations completed, but over 54,000 Notices of Default filed in Nevada.
Along with bankruptcy and loan modification, Nevada mortgage mediation is another opportunity to save your home. This program gives you the opportunity to sit down at the table with a representative of your bank to crunch numbers and discuss potential loan modification options. Your right to participate in this program is triggered when you receive a Notice of Default, which is the formal start of the foreclosure process. When you receive a Notice of Default, you will also receive an election form to participate in the mediation program.
While the opportunity to sit down with your lender and work on a modification of your loan can be beneficial, the modification options available in this program are generally no different than what is being offered by lenders through loan modification programs. You don’t have to wait until you are in default to approach a lender about a loan modification. At Darby Law Practice, we can discuss your options with you, including loan modification, short sale, foreclosure, or bankruptcy.
Nevada Mortgage Mediation and Loan Modification Attorneys
If you have received a Notice of Default on your owner-occupied residential property or are falling behind on any mortgage payments, contact Darby Law Practice Ltd.