Should I Sign Up For the Nevada Foreclosure Mediation Program? How Does That Help Me?
If you’ve been issued a Notice of Default and Election to Sell (NOD) in regards to your home, it’s highly advised that you act quickly in order to participate in the Nevada Foreclosure Mediation Program. Why? Most homeowners in a tough financial situation want to avoid foreclosure at all costs. By electing in this program, Nevada homeowners have a chance to do just that.
A foreclosure mediation essentially gives the homeowner or “borrower” and the lender a chance to present different options of settling the mortgage payments as a means of avoiding the foreclosure altogether. A mediator is assigned to help guide both parties through all options to find an alternative that is mutually beneficial to both the homeowner and the lender. While it’s not guaranteed that a foreclosure will be avoided through mediation, it is strongly recommended as a way of clearly discussing and identifying all alternatives and, if nothing else, buying the homeowner more time in their home.
Once a homeowner requests mediation, the lender legally cannot move forward with the foreclosure process until mediation has been granted. That being said, there are requirements as to when Foreclosure Mediation can be requested. The homeowner only has 30 days from the date of the issued NOD to elect for mediation. This begins with a petition filed with the District Court.
While the mediation programs are optional, all Nevada residents are eligible to participate by law. This office highly encourages all Nevada homeowners facing financial trouble to activate their right to this convenience and participate in the Nevada Foreclosure Mediation Program. To discuss this topic further, contact our office to speak with an experienced Foreclosure Defense Attorney. We can be reached at (702) 998-1188, info@ljlawlv.com, or by scheduling a consultation online.
For more information regarding the Foreclosure process or alternatives to foreclosure, check out frequently asked questions in our Foreclosure Defense Blog, or our Foreclosure Defense TV channel on Youtube.