Nevada SC program draws 1 in 10 facing foreclosure
Nevada Supreme Court building
CARSON CITY, Nev. (Legal Newsline)-Slightly more than 10 percent of Nevada homebuyers facing default on their mortgages have taken advantage of the state's landmark foreclosure mediation program, official figures indicate.
The Nevada Supreme Court released figures Saturday showing that during the first six months the program, 3,890 homebuyers have sought mediation. Of those, 1,821 have been assigned mediators.
In all, 877 cases have been heard since mediations began Sept. 14.
Legislation creating the mediation program was passed by the Nevada Legislature during the 2009 session and signed by Republican Gov. Jim Gibbons.
The program is aimed at helping families keep their homes. Under the program, borrowers and lenders work to reach a mutually acceptable resolution to avoid foreclosure.
The state Supreme Court's rules limit mediation to four hours. Nevada law also specifies that mediations should be conducted within 90 days of a notice of default being recorded on an owner-occupied residential property.
Nevada led the nation in home foreclosures with 38,277 in filings from July to December.
Last month, the number of attorneys, hearing officers and senior judges available to assist with mediations was increased to 170.