Nevada Foreclosure Mediation

The Nevada Foreclosure Mediation Program added a foundation for rules and expedited enforcement of those rules while a homeowner goes through the loan modification process. Since the program was invented to aid the loan modification process we question why some mediation service providers don’t offer loan modification services and some loan modification service providers don’t offer mediation. Falcon Credit Management is one of the licensed companies in Nevada for offering Nevada Foreclosure mediation services and loan modification services they also offer video series on each topic which for some is a “how to” manual.

Nevada Foreclosure Mediation Video #1

* Please note Addendum to this video.  At 1 minute 30 seconds there is mention of July 1st the complete date is July 1, 2009 and at 2 minutes and 5 seconds there are instructions that have been amended by the Mediation Program.  The cashier's check or money order in the amount of $200 must be sent to the State of Nevada Foreclosure Mediation Program at 201 S. Carson Street, STE 277 B, Carson City NV 89701.

It is best to provide the bank with the proposal for loan modification prior to the mediation to prevent any possibility that the bank will claim that they didn’t have enough time to process the request for loan modification and as a result ask for an extension on the mediation that you likely waited months for. This presents a problem because you may find yourself in a situation where you can either agree to giving the bank more time which can negatively affect your rights as set out in the Nevada Foreclosure Mediation Program or you can refuse to give the bank the time they claim is necessary and possibly being accused of not mediating in “Good Faith”. Mediating in Good Faith is a requirement of participation in the program.

The Nevada Foreclosure Mediation Program is not something we recommend homeowners’ attempt to do on their own for the simple fact that the banks are likely represented by licensed, trained attorneys that know what arguments to make to strongly influence the mediation to their goals. Training is available and old-fashioned experience is the best bet for your money when considering representation.

For those that are not in a position to hire a licensed, professional service provider we recommend accessing the free informational videos available on the subject and to take full advantage of the Nevada Foreclosure Mediation Program it may be the best $200 you’ve ever spent.