In these troubled economic times more homes are being foreclosed on then ever. Many families who have owned their homes for years have suddenly found themselves upside down in equity and unable to afford the high monthly mortgage payments.
With foreclosure rates reaching new heights in the state of Nevada Legislature was forced to take action. Typically, when you try and get a loan modification, you need to fill out a number of complicated forms and then call a 1-800 number for your lender where you will be forced to wait on hold for a lengthy time. You can speak with an account representative, but a representative who truly has no bargaining power and cannot approve or deny your home loan modification. Many people wish that they could sit down with a lender representative face to face who has the power to approve or deny their loan modification on the spot.
This is where the Nevada Legislature comes in. In 2009, the Nevada Legislature passed Assembly Bill 149 which created the Nevada Foreclosure Mediation Program. The Nevada Foreclosure Mediation Program gives the homeowner (you) the power to elect for a mandatory mediation. This mandatory mediation forces the lender to have a face to face sit down meeting with you, your representative, and a licensed Mediator, in order to see if the requirements of a loan modification can be met.
This mediation is only available to those whose principle homes are in danger of foreclosure. Mediation is not available to those who are trying to save investment homes. This program is designed to take the foreclosure crisis head on and automatically stops the foreclosure process during the pendency of the mediation.
If you live in the State of Nevada and you are facing foreclosure, take advantage of this great State mandated program! Contact one of our lawyers to find out more information.