Financial Services Litigation Bulletin-November 2009
Nevada Implements Residential Foreclosure Mediation Program
The Nevada Legislature has enacted Assembly Bill 149 to provide for judicially administered mediation between residential mortgage lenders and owners of owner-occupied residences with the objective of reaching loan modification agreements in the event of default. The Nevada Supreme Court adopted rules, effective July 31, 2009, to implement A.B. 149 and create the Foreclosure Mediation Program. Foreclosure mediation applies only to the foreclosure of an owner-occupied residence located in the State of Nevada when the notice of default and election to sell is recorded on or after July 1, 2009.
For highlights of the Foreclosure Mediation Program, click here.