Can, AB 149, The Foreclosure Mediation Program, Work Solution for you To Obtain A Las Vegas Loan Modification?

Las Vegas has been called the foreclosure capital of U.S.A.. In Nevada the majority of all homes are underwater and Nevada has a 14% unemployment rate.   The AB149 law was put into law in Nevada to help handle the property foreclosure emergency in Nevada.  AB 149 allows homeowners, in Nevada, to meet with mortgage lenders, under the guidance of trained mediators, to discuss any potential other options to a foreclosure of their home.  Mediation is a process of cooperation and all parties must negotiate in good faith.

Under, this law, you can negotiate for a Las Vegas loan modification, deed in lieu of foreclosure or a short sale. You do not need a Las Vegas lawyer for this program.  But, it will also help as a lawyer will allow you to make sure that the house loan lending rep will deal with you fairly and in good faith.

Please note, a mediator does not have the authority to order a resolution or an action, as a judge in a court case can, but the mediator may be able to help all parties reach an agreement to allow the homeowner to have their home or gracefully exit their home.

WHO MAY PARTICIPATE IN THE FORECLOSURE MEDIATION PROGRAM?

Under Nevada law, this is open only to homeowners of owner-occupied houses who receive foreclosure notices filed after July 1, 2009.  Persons who received foreclosure notices filed before July 1, 2009 that date can mediation program only when their lenders agree to participate.

WHO MAY Not participate in THE PROGRAM?

Those NOT qualified for the program include:

•    Homeowners who do not live in the  foreclosed houses.

•    Home Owners who have previously given their real estate back to the loan providers.

•    Home Owners who are in or have begun personal bankruptcy.

WHO Begins THE MEDIATION PROCESS?

The borrower has 30 days after being served with a foreclosure notice to elect to take part in mediation and, in turn, notify the trustee, who will, in turn, notify all people with an interest in the property.

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