Foreclosure Mediation Now Available Prior to Defaulting on Mortgage
When experiencing a financial hardship, the most devastating turning point can sometimes be losing one’s home to foreclosure. The state of Nevada has taken steps to try to limit the amount of homes that inevitably enter foreclosure. In 2009, Nevada adopted the Foreclosure Mediation Program as a free, completely optional program that allows Nevada homeowners the ability to negotiate alternatives to foreclosure with their mortgage lender. Since its adoption, the Foreclosure Mediation Program was only available to those homeowners whom have received a Notice of Default (NOD) on their loan, and in turn, are currently facing foreclosure. Read more about the Foreclosure Mediation Program in our blog, “Should I Sign Up For The Nevada Foreclosure Mediation Program? How Does That Help Me?”
Luckily for all Nevada residents, Foreclosure mediation is now available to homeowners as an option towards avoiding defaulting on their mortgage. Homeowners concerned that foreclosure may be imminent can now elect to participate in Foreclosure Mediation prior to receiving a Notice of Default (NOD). In order to file a petition to elect in Nevada’s Foreclosure Mediation Program one must demonstrate both of the following eligibility criteria:
- Be in imminent risk of default
- Provide a documented financial hardship
If you, or someone you know is at risk for defaulting on their mortgage or experiencing financial hardship that may lead to missed mortgage payments, it is best to act quickly and as early as possible in order to have the most options available to you. Our team can help to explore all available options and alternatives to foreclosure and discuss which may be the best choice for you. To schedule a meeting, get in touch with our office at (702) 998-1188, firstname.lastname@example.org, or schedule a consultation online.