The gist of the story was that demand for loan modification via foreclosure mediation sessions is growing, with an average of 78 new requests per day coming in, according to Program Administrator Verise Campbell.
One of the interesting points made in the story is that these mediation sessions will be the first time where someone from the mortgage company will actually meet with and hear a homeowner’s story.
It occurred to me that this is essentially re-connecting what’s been disconnected. In the case of the mortgage process, the desire for mortgage brokers to complete a transaction was disconnected from the actual value of the transaction. And in the case of the mortgage itself, once the loan is set up, it is then re-packaged and sold to another company which puts it into a pool with other mortgages in order to create an investment pool. The pool of mortgages is then chopped up and sold as bonds or some other security to investors.
In other words, the connection between the homeowner and the owner of the loan (i.e, the bank or mortgage company) has been stretched thin. And as a result, it’s much easier for an employee of a mortgage company to see a homeowner simply as a number of a statistic.
What Nevada’s Foreclosure Mediation Program does, if nothing else, is to re-establish the connection between the homeowner and the party that owns the loan. And perhaps a sense of connection is one of the pieces of the puzzle we’ve lost and that we need to successfully sort all of these problems out.
Whether you’re worried about foreclosure in Las Vegas or filing bankruptcy in Las Vegas or any other steps to protect your assets, it’s important to have a good Las Vegas bankruptcy laywer whom you can trust.
If you’d like to learn more about loan modifications and your options regarding Nevada’s Foreclosure Mediation Program, please contact Haines and Krieger today for a free consultation at 702-880-5554.