Homeowner Wins Foreclosure Mediation Case in Nevada Supreme Court

Since 2009, Nevada implemented a foreclosure mediation program to resolve the rising wave of foreclosures that were ripping through the state at the time. We’ve discussed the statistics on the program in the past, as well as what happened when one homeowner won sanctions against a lender that acted in bad faith. Recently, the Nevada Supreme Court ruled in favor of a …

Sanctions for Bank in Nevada Foreclosure Mediation

Nevada’s foreclosure mediation program has had mixed results, few of them resulting in principal reductions. However, in the good news department, thanks to a Nevada Supreme Court ruling a homeowner won sanctions against a lender that participated in foreclosure mediation in bad faith. Here are the facts. ·       The homeowner, Miguel Jacinto, emerged from a successful mediation with Citimortgage with …

4 Lessons from the Nevada Supreme Court’s Recent Ruling on Foreclosure Mediation

It’s no secret that Nevada is one the national hot points for foreclosures, especially Las Vegas. One way the state government has tried to reduce the strain on underwater and defaulted homeowners is to create the Foreclosure Mediation Program (FMP) in 2009. The goal of the program is to keep homeowners in their homes while respecting the lender’s interest in …

Five ways the automatic stay can help with foreclosure in Las Vegas

Can the automatic stay help protect you from foreclosure in Las Vegas?  And what are some of the advantages to filing for bankruptcy if you are facing foreclosure? The automatic stay can indeed stop foreclosure.  In fact, once you file for bankruptcy, the automatic stay stops any attempt by a creditor to seek repayment of or collect on any debts …

Las Vegas still #1 in Foreclosures & 3 Reasons Why Lenders May Delay Foreclosure

Once again RealtyTrac’s foreclosure report shows that for the 44th straight month, Las Vegas still has the highest foreclosure rate of any metropolitan area in the U.S., and Nevada is tops as well among states. The “good” news is that the rate dropped from where it was in August 2009. Notably for Las Vegas homeowners, mortgage lenders seem to be …

Las Vegas Foreclosure Mediation Overview

Foreclosure mediation is a program that has been created to help homeowners who are struggling with their mortgage payments and facing foreclosure. These programs are run by individual states. When a homeowner is in trouble financially and they are not able to come to an agreement with the bank, they have the option to file a Foreclosure Mediation and Financial …

Florida attempts to follow in Nevada’s “Foreclosure Mediation” footsteps

Florida’s Supreme Court just recently issued an order implementing a “foreclosure mediation” program very similar to the Nevada Foreclosure Mediation Program. Just like the Nevada Foreclosure Mediation Program, Florida’s new program will give homeowners facing foreclosure the option to require their mortgage lender to participate in a foreclosure mediation session.  And similar to Nevada, Florida will provide neutral 3rd-party foreclosure mediators …

Nevada Foreclosure Mediation Program is working for Las Vegas residents

Is the Nevada Foreclosure Mediation Program working for Las Vegas residents? The answer is a clear “yes.” We’ve already helped numerous homeowners reduce their mortgage payments and keep their homes.  And a recent article on KVBC News 3’s website supports our experience. Nevada’s Foreclosure Mediation Program–the strongest such program in the U.S.–gives Nevada homeowners who receive a foreclosure notice the …

What’s going on with the “Medical Bankruptcy Fairness Act”?

In case you weren’t aware, Congress is currently considering a bill called the “Medical Bankruptcy Fairness Act of 2009.” If this bill passes, it will hopefully do the following for “medically distressed debtors”: 1.  Waive the means test 2.  Waive the credit counseling requirement 3.  Create a larger homestead exemption to help more people keep their homes. Recent Senate hearings …

Nevada Foreclosure Mediation Program and Good Faith Requirement

Does the “good faith” requirement for mortgage lenders under the new Nevada Foreclosure Mediation Program have teeth? If you’ve been following this blog, then you know that under Nevada Foreclosure Mediation Program put into place this year, a Nevada homeowner who received a foreclosure notice on July 1, 2009 or later can apply within 30 days for a foreclosure mediation …