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July 2010
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Like California and Arizona, Nevada has been hit by the worst home foreclosure crisis of the last century.  Mortgage relief and Nevada loan modification agreements have been a big topic amongst the mortgage industry, banks and politicians.  The state of Nevada recently passed a law called the mortgage loan modification law.  A loan modification plan gives homeowners a fresh start with an opportunity to pay less than their existing mortgage payment.  Many National mortgage lenders, like BofA, Chase, CitiMortgage and Wells Fargo have agreed to extend mortgage relief and foreclosure prevention assistance in an effort to minimize loan defaults and appease the Obama Administration.  Mortgage loan modification plans have received mixed results so far.  There have been many homeowners who successfully fought off foreclosure, but many banks are reporting re-defaults on the loan modification agreements just 6 months after getting the home loan relief.

The Nevada Supreme Court recently said that the mortgage loan modification law is governed for the lawmakers’ intent. Nevada Supreme Court officials said that the administrative rules are adjusted to make a solution if any problems arise between the homeowner and the lender.  The State further noted that there have already been three changes in rules for administering the mortgage loan modification law from the previous year.  In addition, Ron Titus, director of the Administrative Office of the Courts said, “We have 270 mediators, and the vast majority operate very comfortably within the rules of the program and work very hard to help the parties find common ground and reach a resolution.” Titus further states that the mediators can assure a reliable process and there will be unprejudiced treatment between the lender and the homeowner. 

The mortgage loan modification law only has one sanction and it can only be applied to the lenders. If a particular lender won’t show up for the mediation meeting, he will be given a sanction. This has only occurred once when Clark County District Judge Donald M. Mosley ordered a $50,000 sanction against Flagstar Bank FSB. The lender failed to appear in a hearing and was not able to pass any legal documentations of foreclosure in a particular mediation meeting. This loan modification article was written by Jason Blackmore.

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