HOW FORECLOSURE MEDIATION WILL WORK FOR YOU
Both parties experiencing conflict will usually prefer to discuss the problems, understand the other side's perspective and work together to find an acceptable solution. If you're facing a potential foreclosure of your home, you have two options in Las Vegas for foreclosure mediation, which will give you the forum to do just that.
FORECLOSURE MEDIATION PROGRAM
The Foreclosure Mediation Program is offered in Las Vegas and is designed for homeowners who are in default on their mortgage payments. By the time you receive a foreclosure notice, also known as a notice of default, you have probably missed your payments for several months and have already tried to talk with your lender about the situation.
The Foreclosure Mediation Program invites you and your attorney to sit down and talk with a representative from your lender company and its attorney along with a third-party mediator to come up with a potential solution. This program requires your lender to provide original, certified copies of mortgage and deed documents, which are typically only provided in an expensive lawsuit. The fee is only $200 in addition to attorney fees.
MORTGAGE MODIFICATION MEDIATION PROGRAM
The Mortgage Modification Mediation Program differs from the Foreclosure Mediation Program and is better suited if you have additional debt besides your mortgage or if you haven't received a foreclosure notice yet but expect one soon. The Mortgage Modification Mediation Program is part of the state bankruptcy court, and you may be able to resolve all your debt issues at one time by declaring bankruptcy Las Vegas. If you have a second mortgage or other debt, this option may be less expensive in the long run as well.
LIKELIHOOD OF SUCCESS
Although there are no guarantees that either foreclosure mediation program will result in avoiding foreclosure, you do increase your chances of avoiding one by participating in one of these programs. One study reported that homeowners who participated in some sort of mediation program with a third-party and a lender were 1.7 times more likely to keep their homes.
Consider each of the Las Vegas programs carefully as they are designed for different situations. Talk with your attorney about the disadvantages and advantages of each before making a choice. Although you can technically participate in both programs, you'll want to invest your money wisely to initiate ones that have a good chance of success.
In the end, you're aiming for the same goal, which is to come up with a mortgage payment that's manageable for you and acceptable to your lender.
Call bankruptcy lawyers Las Vegas when you need reliable, professional advice on foreclosure mediation issues. An experienced bankruptcy attorney can help you work with one of the state's mediation programs to help you explore alternatives such as bankruptcy, repayment programs, loan modifications, short sales or forebearance programs.