Nevada Foreclosure Mediation #2
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Documents You Will Need To Prepare For Your Mediation
In part one we talked about what homeowners need to do to be eligible for the Nevada Foreclosure Mediation Program. Today we're going to talk about what documents you will need to prepare in preparation for your Nevada Foreclosure Mediation Program. This is Get Modified! The go to source for loan modification and foreclosure prevention information. As always, for more information, go to www.falconcreditmanagement.com
This is an actual notice from one of my clients with the personal information removed. This shows the time and place of your Mediation and outlines some of the Nevada Foreclosure laws or rules of the Nevada Foreclosure Mediation Program. Along with the Nevada Foreclosure Mediation Program Scheduling Notice you will receive a "Housing Affordability Worksheet" and a document titled "Financial Statement"
It is very important that you fill out these documents as completely as possible. Pay special attention to the "Financial Statement". This is the document that you will send to the mediator that outlines your entire financial situation. You will want to be as accurate as possible.
At the bottom of the second page you will see that four additional documents are requested.
These are very important. They are your last federal tax return, your past two bank statements, your last two pay stubs, and if you happen to be self-employed, you would include a profit and loss statement from the past 6 months in the place of the pay stubs. You can get these documents from the Division of Mortgage Lending website at the address listed right: "http://www.nevadajudiciary.us/index.php/view-documents-and-forms/Supreme-Court-Files/Foreclosure-Nevada Foreclosure Mediation Program/Homeowners/"
The completeness and organization of these documents is very important. I cannot stress this enough. The Nevada Foreclosure Mediation Program rules are very clear that all of these documents must be provided.
In addition, the rules state that you must prepare a proposal for resolving the foreclosure. What does this mean? It basically means that before you go to the Mediation, you have to prepare an idea of what you want. A principal reduction? A reduction in the interest rate? Going from an arm rate to fixed? A combination of these? Your proposal must be sealed and presented to the mediator before the mediation.
For my clients I like to prepare a binder like this that contains a cover page, the financial worksheet, housing affordability worksheet, financial documents requested and options to consider for resolving the foreclosure.
I like to make 2 copies of the binder. One for the mediator and one for the lender. The Nevada Foreclosure Mediation Program rules state that you must send the requested information to the Mediator at least 7 days before the Mediation. Try as hard as possible to stick to these rules. If you feel that you won't be able to make any of the deadlines, be sure to call and alert the mediator beforehand.
With your binder and your documents ready, you're ready to tackle the Nevada Foreclosure Mediation Program head on. In Part 3 of the Nevada Foreclosure Mediation Program Series, we'll talk about what happens during the Mediation, the documents the lender must bring, what to expect out of the Nevada Foreclosure Mediation Program and what options you have after the Mediation is over including the Petition for Judicial Review.