CJHNV
Junior Member
- Joined
- Nov 6, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Nevada
Just sat through an informal presentation by the administrator of the Nevada Foreclosure Mediation program.
In essence, to foreclose on a owner-occupied home in Nevada, the lender/servicer must apply for a certificate from the state. Part of the process is to provide the homeowner the option to "mediate" and possibly modify the terms of their mortgage.
Apparently, Nevada's program is the most successful in the nation and is being commended.
Interesting note for appraisers - they've decided that BPO's are sufficient for the purposes of mediation and are not requiring appraisals...
In essence, to foreclose on a owner-occupied home in Nevada, the lender/servicer must apply for a certificate from the state. Part of the process is to provide the homeowner the option to "mediate" and possibly modify the terms of their mortgage.
Apparently, Nevada's program is the most successful in the nation and is being commended.
Interesting note for appraisers - they've decided that BPO's are sufficient for the purposes of mediation and are not requiring appraisals...