Mediation Program to Avert Growth of Foreclosure Properties
The Nevada Foreclosure Mediation Program has started receiving requests for assistance from distressed homeowners who want to save their homes from becoming foreclosure properties.
Requests for mediation came from homeowners of Clark County and Carson City. Under the state and Supreme Court rules, mediations will be scheduled within 80 days after the filing of notices of foreclosure. The first mediation to help homeowners save their homes from becoming foreclosure properties will occur in August.
The mediation program was implemented July 1 under the Assembly Bill 149. Since its launched, about 2,400 notices of foreclosures have been filed in the state, with over 2,000 originating in Clark County. Notices of default included non-owned occupied homes, commercial properties and owner-occupied houses, all eligible for the state’s mediation program.
Supreme Court Settlement Judges or Senior District Judges will conduct the initial mediation process, in addition to expert mediators and lawyers. Those who will take part in the mediation process will join in initial training sessions scheduled in Reno on August 5 and Las Vegas on August 6 to 7.
Over 400 lawyers have volunteered to become mediators but they still have to undergo training on the process of helping homeowners save their homes from becoming foreclosure properties.
Under the law, the Nevada Supreme Court has the responsibility to adopt the rules for the foreclosure mediation program. The Administrative Office of the Courts, which handles the operation of the program, is hiring staff, setting up training programs and findings facilities.
Meanwhile, Verise Campbell has been appointed the Nevada Foreclosure Mediation Program Administrator. Additionally, Kathryn Ely has been named Mediation Supervisor and she will be responsible in coordinating the selection of mediators and of training them.
On the other hand, the average monthly foreclosures in Nevada has been 7,600. Under the mediation program, lenders are required to pay foreclosure filing fees which will be used to fund the program’s administrative costs. Also, lenders and homeowners will both shoulder the $400 payment for mediators.
According to Chief Justice James W. Hardesty, many state residents are losing their properties to foreclosure. He believes that with the mediation program, many homeowners will be able to save their properties from foreclosures and at the same time, ease the burden brought about by a large volume of foreclosure properties on lenders.
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