Since July, foreclosure has claimed 38,277 Nevada homes, but slightly more than 10 percent of the owners have taken advantage of the state’s innovative Foreclosure Mediation Program, according to the latest statistics provided by Bill Gang, public information officer for the Nevada Supreme Court.
As of the beginning of January, 3,890 homeowners who had received a notice of default from their lender have asked to participate in the program, Gang said. Of those, 1,821 have been assigned mediators. Since Sept. 14, a total of 877 foreclosures have been mediated as part of the program, which was approved by lawmakers who gave the task of administering the program to the high court.
Read more from the Las Vegas Journal
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Hiya, Moe — interesting folks don’t participate, but wonder if it could be due to bad word of mouth?
I went through it in Connecticut and unfortunately, the mediator bowed down before the bank and arm-twisted me into submission on a trial mod with a monthly payment she knew had been calculated inaccurately.
She told me that if I asked the bank to look at their arithmetic, they could turn me down flat and I’d be on the sidewalk in 2 weeks (not true in CT, but I was new to the process at that point, so I signed).
Which is not to say that even bad mediation is bad, because at least it slows things down.
Hey!
The banks probally have these mediators in their pocket also. I think the only way to win is to make them look stupid or incompetent. It is easy to do if you dot your i’s and cross your t’s.