Foreclosure Mediation
Foreclosure Mediation is a process in which you can re-negotiate foreclosure of your primary residence with a face-to-face sit down with your bank or lender. The home must be your primary residence and you must have received a notice of foreclosure after June 30, 2009.
New laws have been drafted that allow the homeowner to mediate a payment plan which can include modifying your principle and interest rates with your mortgage servicing company. If you have received a Notice of Default and Intent to Sell otherwise known as a Foreclosure notice on or after July 1, 2009, they you can qualify. This is, by law required if you so choose to use this option, they have to sit down with you. For many this is an opportunity to get answers in real time face-to-face and possibly create favorable terms that will allow you the opportunity to stay in your home under newly negotiated terms. Where typically loan modifications fail is because they are one sided. You ask the bank and the bank gives you an answer in a letter and that’s it. With foreclosure mediation there is a higher level of attention paid and you have more priority, as the bank sees you as actively looking to make a positive solution to the situation.
Nevada realizes that the massive amount of foreclosures is an economic crisis and has created laws to help stabilize this. Be pro-active and learn your options and move on the laws that are in your favor.
If you received a foreclosure notice before July 1, 2009, or have already give up the home, or it is an investment property and not your primary residence then foreclosure mediation is not meant for you and you will not qualify for it’s laws.
You will meet with a mediator, who is not a judge, but an intermediary party with expert knowledge. The mediator will look at both sides of the foreclosure to determine the best resolution that is as close to the middle as possible.
For more information on this process please visit Nevada Judiciary.us where details of the law can be found on this website: http://www.nevadajudiciary.us/index.php/foreclosuremediation.php
