Mediation Program Available to Nevada Homeowners
Nevada homeowners suffering from documented financial hardship that has affected their ability to pay their home mortgage are now eligible to participate in a new mediation program. Nevada’s Foreclosure Mediation Program is designed to help homeowners work out an arrangement with their lenders that will enable them to remain in their homes and get their finances back on track.
The program was approved by the Nevada state legislature and signed into law by Governor Sandoval. All homeowners that meet the criteria of the program will obtain a recommendation from a HUD-approved housing counselor that will enable them to participate in foreclosure mediation. All Nevada homeowners at risk of defaulting on their home loan qualify.
The counselor will determine if a homeowner is at risk for lose his or her home and is unable to make mortgage payments within the next 90 days due to financial hardship. Mediation is an option for homeowners prior to their notice of default if they are able show the owner or co-owner of the property has died, that they are facing serious illness, that they are going through a divorce or separation, that they lost their job or suffered a reduction in pay, or if there is any other reason that will prevent them from making a payment due to financial hardship.
Those interested in participating in the program should reach out to a HUD-approved counselor or counseling agency that is a representative of the program. Forms for participating in the mediation program are available on the HUD website.