Las Vegas NowMediation Program for Homeowners Facing Foreclosure

Mediation Program for Homeowners Facing Foreclosure

LAS VEGAS, Nv -- Homeowners facing foreclosure in Nevada can try to stay in their homes by entering into a foreclosure mediation with their lender.

Free classes are being held to help homeowners who are entering into mediation. The first class is being held Thursday at 5:30 pm at the Boyd School of Law on the UNLV campus. After that classes will be held once a week.

Nevada Supreme Court's Foreclosure Mediation Program was created to give homeowners facing foreclosure an opportunity to talk about a loan modification with their lender.  One in every 13 households in Clark County received a foreclosure filing the first half of 2009, according to RealtyTrac, Inc. 

"Southern Nevada is facing one of the worst foreclosure crises in the nation," said Lynn Etkins, development director of LACSN, "and there is so much misinformation and confusion among homeowners that we felt it was critical to empower them with straight talk and real information about how to navigate the foreclosure mediation process." 

Homeowners who receive Notices of Default from their lender after July 1, 2009 are able to request mediation at that time.  Over 1,000 homeowners so far have requested mediation, which costs both the homeowner and the lender $200 each.

This class will cover the basics of foreclosure and loan modification options so homeowners can better understand how the banks review requests for loan modifications, assess each unique set of circumstances and help homeowners present their case to the mediator in support of obtaining a loan modification.   Specifically, homeowners will receive answers to the following questions:

  1)  What documents should I gather in preparation for my mediation?

  2)  What information do lenders typically want when reviewing a request for loan modification?

  3)  How can I best present the facts and circumstances of my case to my lender? 

The free classes will be held weekly beginning September 17, 2009 at 5:30 p.m. at the William S. Boyd School of Law on the UNLV campus.  Those who want to attend the class can call 386-1070 ext. 155 to register.  Class schedules and manuals can be found at www.lacsn.org.