Nevada SC approves rules for new foreclosure mediation program
Nevada Supreme Court building
CARSON CITY, Nev. (Legal Newsline)-The Nevada Supreme Court on Tuesday approved rules for its new Foreclosure Mediation Program.
A new state law -- outlined in Assembly Bill 149 - created the program, which is aimed at helping struggling homebuyers keep their primary residence.
The law, passed this year, provides for mediations in foreclosures commenced on or after July 1. The new rules follow two public hearings this month.
Under the program, a homebuyer 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.
"I believe that through this new law and our mediations, we are going to save some homes and help ease the burden for some lenders," Chief Justice James Hardesty has said. "Too many Nevadans are losing their homes to foreclosure."
The Supreme Court rules are aimed at ensuring that foreclosure mediations occur in a timely manner, that mediators have sufficient information from the parties, and that the mediation process is not abused, the high court said in a previous statement.
From Legal Newsline: Reach staff reporter Chris Rizo at firstname.lastname@example.org.