Court sets rules for foreclosure mediation program

Wednesday, July 1, 2009 | 5:26 p.m.

Real Estate in Crisis

The Nevada Supreme Court has established rules for a new program aimed at stemming the record tide of foreclosures in the state.

Participation in the foreclosure mediation program, which was approved by the Legislature, will cost both sides -- the homeowner and the lender -- $200.

The mediators who preside over the sessions will undergo four hours of training. More than 400 attorneys and others have expressed interest in working the sessions, officials said.

Chief Justice James Hardesty predicted there would be 1,500 to 2,000 requests for mediation the first month.

The regulations take effect July 31 and the sessions can start in August. A homeowner who receives a notice of default beginning today can request a mediation session with the financial institution in an attempt to modify the loan. The holder of the note must attend.

The rules say those who received foreclosure notices before July 1 can seek voluntary mediation if both sides agree.

The court named Verise Campbell to head the foreclosure mediation program. Campbell, who since 2006 has worked for a company developing a resort in Macau, will assume the $81,140-a-year job beginning today. Campbell will be based in Las Vegas.

The court also announced that Kathryn Ely has been hired to help coordinate the selection and training of mediators. The salaries for the two women will be paid from filing fees on foreclosures, not from the state’s treasury.

Discussion: 3 comments so far…

By mary_b37

7/1/09 at 5:50 p.m.

Suggest removal

Great news, as to stop the decline, people really need to take advantage of the aid out there, from this program, Citigroup, Fannie Mae, The federal gov't FHA, many states, JPMorgan Chase, Wachovia, and Bank of America/Countrywide have committed to helping over 5 million homeowners between them keep their homes. I found more info on the programs here.
http://www.needhelppayingbills.com/html/...
By HookorCrook

7/3/09 at 4:56 p.m.

Comment removed by staff.
By HookorCrook

10/24/09 at 6:06 p.m.

Suggest removal

Here is one homeowner who took the bank to court for not mediating in good faith http://tiny.cc/fveHM