Nevada Foreclosure Mediation Program Now Available To All Homeowners In Danger Of Mortgage Default

Posted By on July 10, 2015

Courtesy of the Supreme Court of Northern Nevada

LAS VEGAS – Homeowners with a documented financial hardship and in imminent risk of mortgage default are now eligible to participate in Nevada’s Foreclosure Mediation Program (FMP). The change was approved by the 2015 Nevada Legislature. Program details and required forms can be found on the program’s website at http://foreclosure.nevadajudiciary.us/

Approved by the legislature and signed into law by Governor Brian Sandoval, SB 512 allows homeowners to obtain a recommendation from a HUD-approved housing counselor to participate in foreclosure mediation if they are at risk of defaulting on a home loan. The HUD housing counselor must determine if a homeowner, or the person who holds the title of record, is at financial risk of losing the home and in unable to make a mortgage payment within the next 90 days. HUD housing agencies can obtain forms and information on the FMP website.

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Mediation is available to homeowners prior to the issuance of a notice of default if they can demonstrate financial hardship. Common reasons for being unable to make a mortgage payment include: the death of a homeowner or co-owner; serious illness; divorce or separation; job loss or reduction in pay; or any other reason preventing a homeowner from making a loan payment due to financial hardship.

Homeowners seeking assistance should contact a HUD-approved housing counseling agency, which are listed on the FMP website under Foreclosure Resources. All forms for participating in foreclosure mediation also can be found on the website.

 

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