Nevada Supreme Court Considers Modifying Foreclosure Remediation Program
Nevada Supreme Court is considering changing some provisions in the current Foreclosure Remediation Program in the state. The court is expected to decide on such changes in a few days.
The Nevada Supreme Court has started conducting hearings in a packed courtroom within the Regional Justice Center. The court aims to make legal decisions that would help improve foreclosure remediation in the future. However, several attorneys have raised suspicions that some lawyers who act as mediators may be biased. They argued that some lawyers act as mediators in foreclosure cases while they are also serving as adverse party to the involved banks in subsequent cases.
The state court is mulling over proposals to change specific rules in the current Foreclosure Remediation Program implemented in the state. There is a specific proposal to tighten up the current enforcement of a 30-day requirement for a homeowner to respond appropriately to a default notice. If a homeowner does not file a remediation application immediately, there would be fewer lawful options available to him.
The state court is also considering a proposal to give more time to homeowners for appealing mediation decisions. It would logically extend the time required for a homeowner to seek remediation. Banks would be given a stricter new deadline.
Before the Foreclosure Remediation Program was implemented, it usually took just 15 days for a mediation to be finalized. The judicial review is also set within the period. Many homeowners complained that lenders usually did not provide opportunities to hear or even meet them. Thus, the period was extended to 30 days.
Some proponents are also pushing to make lenders present certified title documents in a foreclosure. Recently, numerous homeowners have discovered that most of their documents have been lost by lenders during the previous boom.
There are also proposals to change the name of the program from Remediation Agreement to Temporary Agreement. According to the proponents of the change, this would help prevent confusion about the program among homeowners.
Nevada Supreme Court is expected to make its decision about the proposed changes in several days.
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