Nevada Foreclosure Mediation Program Video #1
* Please note Addendum to this video. At 1 minute 30 seconds there is mention of July 1st the complete date is July 1, 2009 and at 2 minutes and 5 seconds there are instructions that have been amended by the Mediation Program. The cashier's check or money order in the amount of $200 must be sent to the State of Nevada Foreclosure Mediation Program at 201 S. Carson Street, STE 277 B, Carson City NV 89701.
Intro To The Mediation Program - Video #1
Hi, I’m Nevada Foreclosure Consultant Damian Falcone of Falcon Credit Management.
Today, we’ll be talking about the Nevada Foreclosure Mediation Program, what it is, what it isn’t, and what it can do for homeowners. This is part 1 and will focus on the eligibility rules. In Part 2 we will talk about the documents that each party needs to have for the mediation This is Get Modified! The go to source for loan modification and foreclosure prevention information.
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The Nevada Foreclosure Mediation Program was established with the passing of Assembly Bill 149 and went into effect on July1, 2009. In other words, it’s brand new. Here are the basics: If you are a homeowner that received a notice of default on or after July 1, you are eligible for the program.
The Nevada Foreclosure Mediation program requires lenders to meet with you face to face to discuss a loan modification, in person, but there are some eligibility rules that we’ll go over...now.
First, in order to qualify for the Nevada Foreclosure Mediation Program, Nevada Foreclosure Laws state the home must be owner-occupied. That means you must live in the home that is in default. Investment properties are not eligible for the program
Rule 1, Home must be owner-occupied"
Second, the homeowner must have received their notice of default on or after July 1. Yes, this is a bit arbitrary, but that’s the rule.
Rule 2 Must receive Notice of Default on or after July 1.
Third, homeowners have 30 days after receiving a Notice of Default to opt in to the Nevada foreclosure Mediation Program. This is important. Homeowners must return two copies of this form. One copy to the lender and one copy to the mediation program administrator. These must be sent by certified mail.
Rule 3 the homeowner must return two copies of Mediation Election Form by certified mail.
Fourth, homeowners must pay a mediation fee of $200. The lender must also pay $200 to the program. Pay attention to this part. You must send a certified check or money order, but don’t send it to the Nevada Foreclosure Mediation Program, homeowners must send the $200 TO THEIR LENDER.
Rule 4, Send $200 to the Lender, not the Mediation Administrator"
Let’s go over the Nevada Foreclosure Mediation program eligibility Rules one more time.
- The Home Must Be Owner Occupied
- Notice of Default must be received on or after July 1, 2009.
- Two, copies of Mediation Election must be sent by certified mail within 30 days of receiving it.
- Send $200 to Lender listed on Mediation form. No cash, no personal checks.
The Nevada Foreclosure Mediation Program was developed to help homeowners in this tough economic environment, but the first step is to follow the rules and get to the mediation and if there is a problem you can file a Petition for Judicial Review following the mediation.
In part 2, we’ll discuss the requirements of homeowners and Lenders before and during the mediation.