The Nevada Supreme Court will consider amendments to the rules governing the state's foreclosure mediation program (FMP) at a public hearing on Tuesday, March 16.
‘With the foreclosure mediation program now in its eighth month of operation, we have determined that some additional rule changes are necessary to make the process more efficient and responsive, to benefit both the homeowner and the lender,’ says Chief Justice Ron Parraguirre.
This will be the third set of rule changes since the FMP was enacted last July. The Supreme Court was required to have FMP rules drafted barely a month after the Nevada Legislature passed Assembly Bill 149, which created the program.
The court always anticipated that periodic rule changes would be necessary, Parraguirre says, adding, "The goal of the Supreme Court is to make sure the program works for those who need it – both homeowners and lenders.’
The proposed rule changes were recommended by the 12-member FMP Rules Committee, composed of representatives of the lenders and homeowners, two Supreme Court justices and court staff involved with the program.
The proposed rule changes would accomplish the following:
- extend timelines for mediations to occur from 90 days to 135 days after a lender fee is received by the FMP;
- streamline the system so that FMP certificates are not required for the sales of non-owner-occupied housing;
- ensure that legal representatives for either the homeowner or the lender are licensed Nevada attorneys;
- allow broker price opinion letters in lieu of appraisals;
- limit mediators to no more than three mediations in a day without express permission;
- allow a second mediation if a lender does not make a temporary modification permanent after a homeowner fulfills all obligations of that agreement; and
- permit postponements in mediations if the parties and the mediator agree.
The hearing will be conducted at the Supreme Court building in Carson City and video-conferenced to the Las Vegas courtroom at the Regional Justice Center. Interested persons may address the justices from either location.
SOURCE: Nevada Supreme Court