Nevada Supreme Court OKs foreclosure program rules
July 1, 2009
The state Supreme Court voted unanimously Tuesday to adopt rules governing confidential meetings between homeowners and lenders that could head off foreclosures.
Under the program approved by the Legislature, a homeowner who gets a foreclosure notice can request a meeting with lenders and a trained mediator. That could be up to 1,500 such requests each month.
Starting today, people who get such notices can seek the mediation. Homeowners and lenders will share the costs of the mediators, with a cap of $200 assessed to each party.
Verise Campbell, a former hotel-casino executive who will be paid $84,140 a year to oversee the program, called the program “a clear indicator of Nevada’s commitment to seek real solutions to the foreclosure crisis.”
State Assembly Speaker Barbara Buckley, the Las Vegas Democrat who was the primary sponsor of the legislation, said it was needed because of Nevada’s high foreclosure rate that caused home values throughout the state to plummet.
Justices also said that once mediators catch up with the initial workload, there could be a voluntary mediation process for those who got foreclosure notices before today.
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More than 350 lawyers have expressed interest in serving as mediators but will be required to have at least 40 hours of training.