LAS VEGAS —Beneficiary (lender) non-compliance with NRS 107.086 during foreclosure mediation contributed to fewer foreclosures in Nevada in the first three months of 2012, according to a report released Tuesday by the State of Nevada Foreclosure Mediation Program (FMP).
The report details outcomes for mediations completed by the FMP for the period of Jan. 1 to March 30. The full report is available at http://foreclosure.nevadajudiciary.us/.
Of the 1,857 mediations held during the period, 1,539 mediations, or 83 percent, resulted in no agreement between the homeowner and the lender. In 690 of those cases, beneficiary non-compliance with NRS 107.086 was the contributing factor in the parties failing to reach an agreement, preventing the lender from proceeding with foreclosure.
NRS 107.086 requires the beneficiary of the deed of trust to attend foreclosure mediation, participate in mediation in good faith, have authority to negotiate at mediation and to bring to mediation the original or a certified copy of the deed of trust, the mortgage note and each assignment of the deed of trust or mortgage note.
Nevada’s Foreclosure Mediation Program was created in 2009 to provide homeowners with an opportunity to seek mediation with their lenders to discuss alternatives to foreclosure.