The new program is designed to help alleviate some of the pressure Nevadans are currently feeling due the housing crisis, as Nevada currently has the highest foreclosure rate in the country. Under the program, overstretched homeowners and and their respective lenders are able to meet together with a trained mediator and find a reasonable and workable alternative to foreclosure.
The most important requirements for eligibility to participate in the Foreclosure Mediation Program are as follows:
- The owner must still live in the home.
- The notice of default must have been recorded on or after July 1, 2009.
- The $400 mediation fee must be split equally between the homeowner and lender.
- The mediation must be conducted within (80) days of the Default and Election to Sell being recorded by the lender and served on the homeowner.