Nevada Foreclosure Mediation Program

The State of Nevada Foreclosure Mediation Program (FMP) was set forth in Assembly Bill 149, and passed into law during the 2009 session of the Nevada Legislature.  Although “its purpose is to address the foreclosure crisis head-on and to help keep Nevada families in their homes, “ a short sale is a possible outcome at the Hearing. AB 149 established the Foreclosure Mediation Program for owner-occupied residential properties that are subject to foreclosure notices, formally known as a Notice of Default and Election to Sell (“NOD”) that was  filed on or after July 1, 2009.   The cost of the mediation is $400, “to be shared equally by the homeowner and lender.  Each party must pay their $200 fee prior to the mediation.  When submitting the forms requesting mediation, the homeowners must include their payments of $200 in cashier check, money order, or, when available, by electronic transfer.”   The Election/Waiver of Mediation is very time sensitive.  The phrase “time is of the essence” has never been more true. The Election/Waiver of Form states, “You must mail the envelope to the Adminstrator no later than 30 days after the date the Trustee mailed you the form and the Notice of Default.” Look to the postmark on the certified letter! Remember! It’s not 30 days from the homeowner’s receipt of the notice, nor is it 30 days after the Notice of Default was filed. It’s 30 days from the mailing! [Source: FMP Form #2 rev. 10.27.09 Page 2 of 2].  Attorney Robert Noggle has successfully represented clients at the Mediation Hearings.  Robert can be reached at (702) 450-6300.  Click this link for answers to Frequently Asked Questions (FAQ) on the Nevada Foreclosure Mediation Program.

Steven Kitnick, CFAC, CNE, CSP, GRI, RRG
is a Nevada Real Estate Broker-Salesman,  California Real Estate Broker, & Managing Director of Steven Kitnick Seminars, LLC – a real estate continuing education provider.

 

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