Reno Real Estate Logic

If you are facing what 1 in 4 families are in Nevada, which is imminent foreclosure on their homes, you have a couple of powerful new laws that were launched by our Legislature. The first is the Loan Mediation Modification Assembly Bill 149 which creates a wonderful mandatory meeting with your lender if you request one via the proper paper work within 30 days from receiving the formal NOD or Notice of Default from the trustee or lender.

This 30 window allows you to actually submit a formal request for only $200 which will then trigger an automatic response by the lender to co-operate in a meeting on modifying your loan prior to being allowed to foreclose on your home.

What this means to you as a home owner is that if will give you VIP status and a resolution that must be completed within 90 days from the written Election to Mediate. In the event that the lender does not respond or does not have the capacity to prove up the original or certified copies of the loan docs, the foreclosure is suspended.

You keep your residence without paying a dime to the lender until there is resolution. The lender cannot foreclose without a “Certification” from the administrator that they have completed the mediation.

The second new law is AB-471 which is a real whopper revising the deficiency judgments in Nevada for primary residences. The law states that “If the judgment creditor or the beneficiary of the deed of trust is a financial institution, the court may not award a deficiency judgment to the judgment creditor or the beneficiary of the deed of trust, even if there is a deficiency of the proceeds of the sale and balance remaining due the judgment creditor or beneficiary of the deed of trust.” There are four caveats but trust me this is a huge weapon against the lenders that we now have to protect homes in Nevada.

There are lots of options now for you to think about regarding how you want to proceed with a foreclosure, short sale, loan modification or deed-in-lieu. Give me a call and we can evaluate the options and referrals to those qualified professionals that can guard your decision.

 http://www.nevadajudiciary.us/index.php/foreclosuremediation.html

All the best,

Michelle Plevel      775.850.5900