Nevada High Court Adopts Rules To Implement New State Foreclosure Mediation Program

The Nevada Supreme Court announced:

• The Nevada Supreme Court has adopted formal rules governing the Nevada Foreclosure Mediation Program that was established by the passage of Assembly Bill 149 by the 2009 Nevada Legislature. CLICK HERE to read the rules. [...] The Election/Waiver of Mediation Form to be served with the Notice of Default and Election to Sell is included along with instructions for the individuals recording the notices involved in the new foreclosure procedures (CLICK HERE).

• Assembly Bill 149, passed shortly before the end of the session, provides for mediations in foreclosures commenced on or after July 1, 2009, as a way to help home owners find alternatives to losing their houses. A homeowner who receives a foreclosure notice can request an opportunity to sit down with the lenders and a trained mediator and explore whether a mutually agreeable resolution can be reached. In the legislation, the Supreme Court was tasked with establishing the rules under which the Foreclosure Mediation Program will function.

For the entire announcement, Nevada Supreme Court Adopts Rules For Foreclosure Mediation Program.