New Law For Foreclosures in Effect for Nevada

During the last legislative session in the State of Nevada, Assembly Bill 149 was introduced and finally passed.  This bill changes NRS 107 by restricting the mortgage holder’s ‘power of sale’ with respect to an owner-occupied house.   This bill give the homeowner the right to request mediation for loan modification. Once a homeowner requests mediation, the mortgage holder’s action taken to sell off the property under foreclosure must be stopped.  The mediation session, which can last up to 4 hours, must be conducted by a senior justice, judge, hearing master or other designee pursuant to rules adopted by the Nevada Supreme Court.  For more information, call us today!!  New Nevada Foreclosure Mediation Process will be helpful after you speak with us–we can summarize the procedure for you!