Nevada Considers Ending Foreclosure Mediation Program – NMP Skip to main content

Nevada Considers Ending Foreclosure Mediation Program

Phil Hall
May 08, 2015
Foreclosure Sign

Members of a Nevada legislative subcommittee have voted to recommend the closure of the state’s Foreclosure Mediation Program, stating that program is no longer required due to the recovering state of local housing.

According to a Las Vegas Review-Journal report, the program was created by the legislature in 2009 to confront Nevada’s deteriorating housing market following the housing market crash. The program, which was overseen by the Nevada Supreme Court, reached a peak of 7,558 modifications in the 2011 fiscal year, with 40 percent of program participants retaining their homes. The program was financed through fees, including a $45 fee for filings of notices of default and a $400 mediation service fee attached to each assessed case.

With projected modifications at a low of 662 by 2017 and a $3 million annual budget, subcommittee members felt it was time for the state to step back from this issue.

“We’ve turned the corner on this one, and it’s time to move away from here and do something better with our money,” said Assemblyman Randy Kirner (R-Reno), who joined the Republican majority in recommending the program’s closure.

But Democrats on the panel opposed the decision, with Assemblywoman Heidi Swank (D-Las Vegas), noting that 282,000 homes in Nevada still had underwater mortgages.

“We are not out of the woods yet,” Swank said, recommending that the program remain for another two years before being reviewed again for possible shutdown.

Published
May 08, 2015
Homepoint Rolls Out Jumbo ARM Loans

Homepoint's Jumbo ARM is a strategic addition to the company’s expanding jumbo portfolio.

Industry News
May 25, 2022
Planet Home Lending Expands in Oregon

New team in Portland focuses on construction lending in the Northwest.

Career
May 24, 2022
PennyMac Cutting 207 Jobs

A wide variety of positions are affected.

Industry News
May 24, 2022
Loan Officer Charged With Bank Fraud, Identity Theft

If convicted, she faces up to 30 years in federal prison on each bank fraud count and a mandatory consecutive 2 years’ imprisonment.

Industry News
May 24, 2022
Openn Launches Pilot with bridgeMLS For Sales In California

Agents in Northern California, Bay Area will be able to list property and accept offers using the platform. 

Tech
May 24, 2022
Cenlar Appoints New Senior Vice President, CIO

Steven Taylor has background in multiple large-scale corporate mergers and acquisitions integrations.

Career
May 24, 2022