Who can request foreclosure mediation under the Nevada foreclosure mediation program?
The Nevada foreclosure mediation program applies to any grantor or person who holds the title of record and is the owner-occupant of a residence as to which a notice of default and election to sell has been recorded on or after July 1, 2009. Owner-occupied housing means housing that is occupied by an owner as his or her primary residence. This term does not include a time-share.
Who is excluded from the Nevadaforeclosure mediation program?
The grantor or the person who holds title of record has previously surrendered the real property that is the subject of the foreclosure proceedings, as evidenced by a letter signed by the grantor or the person who holds title of record confirming the surrender or delivery of the keys to the property to the trustee, the beneficiary of the deed of trust, or the mortgagee, or an authorized agent of any of these recipients, or
A petition in bankruptcy under Chapters 7, 11, 12, or 13 of Title 11 of the United States Code has been filed with respect to the grantor or the person who holds title of record on or after July 1, 2009, and the bankruptcy court has not entered an order closing or dismissing the case, or granting relief from the automatic stay of the foreclosure.
How is the Nevada foreclosure mediation program started?
The Nevada foreclosure mediation process under these rules shall be initiated by the preparation and delivery of an Election to Mediation by a grantor or person who holds title of record of an owner-occupied residence on a form provided by the Administrator and payment of the $200.00 fee.
The eligible participant shall, not later than 30 days after the service upon him of the notice of default and election to sell, complete the Election/Waiver of Mediation Form and deliver the form to the trustee, by certified mail, return receipt requested. The eligible participant shall also mail a copy of the Election/Waiver of Mediation to the Administrator.
The trustee shall, within 10 days of the receipt of the Election of Mediation, deposit with the Administrator a Consent to Mediation on a form provided by the Administrator, together with the fees.
Who is required to attend the foreclosure mediation?
All beneficiaries of a deed of trust sought to be foreclosed against an eligible participant who has timely delivered an Election of Mediation shall participate in the Foreclosure Mediation Program, be represented at all times during a mediation by a person or persons who have the authority to modify the loan secured by a deed of trust sought to be foreclosed.
What is the lender required to bring to the foreclosure mediation?
The original or certified copy of the deed of trust, the mortgage note, and each assignment of the deed of trust and the mortgage note. The beneficiary of the deed of trust or its representative shall produce the most current and appropriate appraisals that it has with respect to the real property that is the subject of the notice of default and shall prepare an estimate of the ?short sale? value of the residence that it may be willing to consider as part of the negotiation if loan modification is not agreed upon.
When will the foreclosure mediation begin?
Unless extended by the presiding mediator, the mediation shall be conducted within 90 days of the recording of the notice of default and election to sell.
What is required for certification of documents?
For purposes of this rule, a certified copy of the original mortgage note, deed of trust and each assignment of the deed of trust and mortgage note is only satisfied when the mediator receives a statement under oath signed before a notary public that must include: (1) the name, address, capacity, and authority of the person making the certification; (2) the person making the certification is in actual possession of the original mortgage note, deed of trust, and each assignment of the mortgage note and deed of trust; and (3) the attached copy of the mortgage note, deed of trust, and each assignment of the mortgage note and deed of trust are a true and correct copy of the original mortgage note, deed of trust, and assignment of the deed of trust in the possession of the person making the certification.
What happens if the required documents are lost or destroyed?
In the event of the loss or destruction of the original mortgage note, deed of trust, or assignment of the mortgage note or deed of trust, the mediator shall recognize a judicial order providing for the enforcement of a lost, destroyed, or stolen instrument.
What is the debtor required to bring to the foreclosure mediation?
The homeowner shall prepare a Financial Statement and Housing Affordability Worksheet to include the information set forth in forms provided by the Administration.
Are there other documents required for the foreclosure mediation?
Both parties to the mediation shall prepare and submit to the mediator under confidential cover a nonbonding proposal for resolving the foreclosure. Additionally, the beneficiary of the deed of trust shall, under confidential cover, provide to the mediator the evaluative methodology used in determining the eligibility or noneligibility of the grantor or the person who holds the tile of record for a loan modification.
Can the foreclosure issues be settled before the mediation?
Yes. In the event the foreclosure issues are resolved before the scheduled mediation, the parties must, no later than 2 days prior to the scheduled mediation date, advise the mediator of their settlement. Any settlement will not result in the refund of fees.
Can the foreclosure mediation be continued?
No request for a continuance of a foreclosure mediation scheduled in the Foreclosure Mediation Program may be granted, except upon a showing of extraordinary circumstances.
