Foreclosure Mediation Program #3
An Example of What You May Encounter in Your Mediation
Hi, I’m Nevada foreclosure consultant Damian Falcone and this is part 3 of the Nevada Foreclosure Mediation program video series.
In part 2 we talked about what documents you need to prepare in preparation for your mediation.
Today we will be talking about what happens during the mediation and what documents the lender must bring in order to qualify as participating in good faith.
This is Get Modified! The go to source for loan modification and Foreclosure prevention information. As always, for more credit management and debt management information, go to www.falconcreditmanagement.com
At Your Nevada Foreclosure Mediation the mediator will likely start by introducing herself or himself and explaining how the mediation will proceed. If you have prepared and delivered your binder as we have shown in Foreclosure mediation program part 2 you should only have to take out your notes – Pen/Paper/and Calculator and any copies you’ve made for the banks representative.
At this point You want to pay special attention to the documentation you should be receiving from the banks representative according to Nevada Foreclosure Laws.
I recommend taking notes To make this easier I prepare a checklist:
The First item on my checklist asks:
Is the bank represented by someone with the authority to modify the mortgage?
The mediator will most likely ask this of the bank’s representative but if not be sure to ask when your are given your opportunity to speak.
Have the original or certified copy of the deed of trust; the mortgage note; and each assignment of the deed of trust or mortgage note been provided?
This is basicly a set of receipts and it is done to verify the loan you signed upon origination is the same loan the bank is seeking to collect on and hopefully modify.
Have the most current and appropriate appraisals of your property been prepared with an estimate of the short sale value that they may be willing to consider as a part of the negotiation if the loan modification is not agreed upon?
Finally the banks representative must submit to the mediator under confidential cover a nonbinding proposal for: resolving the foreclosure and the methodology used in determining the eligibility for a loan modification.
Approaching conclusion of the foreclosure mediation you may be asked to sign a statement. It is very important that you do not relinquish any rights or agree to anything that you are not aware of. In the event you receive the loan modification you want – Great – but from a different perspective, if you feel your mediation wasn’t conducted in “good faith” You definitely don’t want to sign anything that may limit your ability to file a Petition for Judicial Review.
The mediation is the climax of everything you have been working towards. You definitely want to stay organized and you definitely need to be prepared to hopefully finalize 1 of your proposals.
In the event the requirements of a good faith mediation weren’t met a homeowner may file a petition for judicial review with the district court. In part 4 of the Nevada Foreclosure Mediation Program series we will talk about the requirements for making a “statement of intent to participate in judicial review. But Hopefully you won’t need that…
See our full set of mediation program videos.