Chance Gates' Blog

Here is some more on a homeowner right to mediation before foreclosure.

Once a homeowner receives a notice of default(after July 1st 2009), they have 30 days to request mediation. The notice of default must include contact information for the lender or someone with authority to negotiate a loan modification on behalf of the lender. The mediation must occur within 90 days after the notice of default is recorded. It’s worth noting the representative of the lender must produce the original or certified copy of the deed of trust, the promissory note and each assignment of either.
Finally, if a borrower believes that the lender has participated in bad faith they may file a petition for judicial review.

It is important to realize that mediation is a form of dispute resolution and as always it is best to seek legal advice from an attorney.

source of this article come from www.buildersmagazine.com

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

On 7-1-09 a homeowner, owner-occupied residents, will be allowed to request for mediation in attempts to keeps his house and negotiate a loan modification.
Here the site for more information http://www.leg.state.nv.us/75th2009/Bills/AB/AB149.pdf

The 3 steps for a homeowner to keep his house:
1.) Talk to the bank and try to refinance.
2.) Contact a senator and ask for his help getting a loan modification.
3.) Request Mediation

Understand I’m not a lawyer and will not give legal advice, however if I can be of assistance with Reno/Sparks Nevada Real Estate part please let me know.

As a Reno/Sparks real estate professional I encourage all questions and comment on the Reno/Sparks real estate market or any article posted.  I can be reached by email at chance@ballard-company.com or http://www.myspace.com/chancegates