Foreclosure Mediation

Foreclosure mediation lets you to meet face to face with someone from your mortgage company — yes, an actual, live human being, as long as you don’t exclude Bankers and their Attorneys from the Human Race — who has the authority to modify your mortgage. But be warned that this isn't a court proceeding and no judges are involved. Foreclosure Mediation can't force your mortgage company to negotiate with you. All you can do is ask, and the lender has the right to ask for your financial information to decide whether they are willing to make you an offer.

There are a few items of fine print. For example, a homeowner must apply to use this program immediately after receiving a Notice of Default. After 30 days, the right to participate in this program is gone forever. Foreclosure mediation is only available to homeowners; you can't use it to fix loans on rental or commercial property.

You have the right to be represented by an attorney in this program, and your mortgage company will be represented at the mediation by its attorney.

Foreclosure mediation has saved countless homes, but you need to be realistic about results. It can help with high-interest or adjustable rate loans.

Your lender can't work miracles, however. For example, the lender can give you a better interest rate and write a separate loan for the past due amounts, but by law — and for business reasons — the lender can't reduce the principal balance to match the current value of the home. It's up to you to convince the mortgage company that you can keep the home with a little patience and understanding on their part.

Our office could represent you in the Nevada Foreclosure Mediation program.