"There are no experienced mediators" oh but that is another subject for another time.

Homeowners vs Banks vs Nevada

We are the place where home prices went stratospheric during the housing mania and  is now reporting some of the nation’s most horrifying foreclosure figures. Yep it's Nevada. Where  1 in every 80 households in the state had received a foreclosure notice that is 4.5 times the national average.

To mitigate this disaster, our elected officials at the Nevada Assembly created a foreclosure mediation program last year. Intended to help keep families in their homes, the program brings together troubled borrowers and their lenders to negotiate resolutions.

The program began on July 1, 2009, and in its first year, 8,976 requests for mediation were received and 4,616 completed the program. This according to the state’s Administrative Office of the Courts. Since it's Nevada one can place a bet on most anything your odds are just under 50% not bad!

Nevada is the only state that requires the bank to do something — they must come to the table if the homeowner elects to mediation program. As the No. 1 foreclosure state Nevada is also the No. 1 mediation of mortgages in the country.

The program is working 50% of the time. When consumers  complete mediation procedures with the bank it is only a temporary fix  how many actually wound up assisting homeowners through permanent loan modifications? No one has any idea.

Most of these agreements plans
lasts only three months or so that is until the bank decides that the borrower does not qualify for a permanent modification. When that happens families are out additional funds and are served with foreclosure papers, making one wonder is 50% really that good of odds for a roof over your family?

Here is a fact "there are no experienced mediators" oh but that is another subject for another time.

See you at the top because we will help get you there !