The Nevada Supreme Court has revised the state’s Foreclosure Mediation Program (FMP) which commenced on July 1, 2009 in an effort to address Nevada’s high home foreclosure rate. The rules were updated following a written comment period and public hearing held last December.
According to the Supreme Court of Nevada, the revised rules will:
- Expand the time to file a petition for judicial review from 15 to 30 days after a party receives a mediator’s statement following mediation
- Simplify the process to suspend or terminate a mediator
- Tighten the process to protect homeowners when multiple notices of default are filed
- Permit homeowners to give power of attorney to someone to represent them providing the representatives are Nevada attorneys or qualified under NRS 645F.310, or there is no compensation provided
- Clarify the forms that must be provided by parties in mediations Address temporary modifications and require that agreements to relinquish a home must include a date when the owner-occupant will vacate the premises
The updated rules also created a 14-member Advisory Committee which will meet regularly and recommend improvements and changes to the FMP. The Committee will “identify state and federal programs related to the foreclosure of residences in Nevada, the modification of residential home loans or the resolution of mortgage foreclosures, and make such recommendations to the Foreclosure Mediation Program and its mediators and participants as the Committee deems appropriate.”
The Advisory Committee will be chaired by the current FMP Manager and will include:
- Two FMP mediators
- One title company representative or trustee on deeds of trust
- Two persons who regularly conduct residential mortgage lending in Nevada
- Two persons who previously participated as homeowners in the mediation process
- Two attorneys who represent lenders in mediations
- Two attorneys who represent homeowners in mediation
- Two real estate agents
The revised rules will take effect on March 1, 2011. They are available for download here.
You may read the entire Nevada Supreme Court press release here.
Disputing has previously discussed foreclosure mediation in Nevada here and here.
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