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StumbleNevada’s top court considers rule changes on foreclosure mediation
Fri, Sep 18, 2009 (3 a.m.)
Sun Archives
- Mediation law may have slowed default notices (8-21-2009)
- Lawyer's role in foreclosure mediation sparks debate (8-21-2009)
- Report: Number of past-due mortgages likely to increase (8-17-2009)
- State closer to launching foreclosure mediation program (8-14-2009)
- Home sales, prices cool a bit in July (8-14-2009)
- Report: Nevada tops foreclosure list for 31st month (8-13-2009)
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A new state mediation program to help homeowners avoid foreclosure kicked off last week as the Nevada Supreme Court considered tweaking its rules.
Two mediation sessions Sept. 8 between homeowners and lenders are the first of thousands of expected cases.
So far, 1,171 requests for mediation have been made under a program that took effect July 1. It allows homeowners who received a notice of default 30 days to seek mediation.
Earlier this month, the Nevada Supreme Court held a hearing on possible rules changes to the program it oversees.
Assembly Speaker Barbara Buckley called on the Supreme Court to require mediators to make a finding about whether lenders are acting in good faith or bad faith and the ability to recommend sanctions.
Supreme Court spokesman Bill Gang said the state law already requires mediators to make a finding. As for sanctions, mediators have the ability to halt foreclosure proceedings if lenders aren’t bargaining in good faith, Gang said. Lenders require a certificate from the program administration to continue on with the foreclosure process, he said.
In addition, homeowners can filed a motion in District Court to cases reviewed, and judges have the ability to impose sanctions, Gang said.
Mediators have 10 days after a mediation session to issue a report.
State officials expect the number of mediation cases to increase significantly. There were more than 5,200 notices of default issues statewide in July. It fell off from more than 11,000 in June, Gang said.
The number of default notices was more than 10,000 in August, he said.
The program is expected to cut back on the number of foreclosures and keep more people in their homes as has happened in other states where it was implemented.
Each side pays $200 for the mediation.
Discussion: 3 comments so far…
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Good idea. Can you please print the requirements for mediation? Who conduct the mediation? Thanks for your Article.
"Supreme Court spokesman Bill Gang said the state law already requires mediators to make a finding. As for sanctions, mediators have the ability to halt foreclosure proceedings if lenders aren't bargaining in good faith, Gang said. Lenders require a certificate from the program administration to continue on with the foreclosure process, he said."
This would be an excellent opportunity for a homeowner to confront the "lender" about who actually holds the note. Especially where the note designates one lender but another forecloses without the required paper trail proving it's the current Note holder. The mediator's finding of bad faith could actually stop the foreclosure process until the original note AND an UNBROKEN chain of assignments/transfers are exhibited.
hey i figured out why there r so many vacant homes around and the banks arent n any hurry 2 sell them.they;ve made so much money on each of the properties that they've been paid 4 10 xs.think about it,al of the interests thats paid up front 2 the banks takes all o thier risk out of loaning the $ out on the property.thats why they can now sit back and afford 2 hold the homes until the economy rebounds and make another killing.if u buy a house for 75 k in '86 w a 30 yr mort of 900 per month thats 360x900=324,000,u paid 4 ur house 3xs over the course of the contract w/most of the interest up front.the principal hardly loweres untill well n 2 the loan.multiply that out over all of the home loans out there and its pretty clear 2 c why the banks have no urgency 2 cut any 1 any deals.the rich get richer.