More than 4,000 mortgage mediations have been processed since the 2009 Nevada Legislature created a program to force banks and homeowners to meet to discuss troublesome mortgages. Foreclosures continue to dominate the housing market in Las Vegas but the program sees that number as a measure of its success. Some mediators, though, are still critical of the way the rules of the program are enforced and say that they do not have the tools to do the job properly. Now the Nevada Supreme Court is changing the program's rules, and there is no consensus about whether the changes are good or bad. So is the mortgage mediation program succeeding or not?
Barbara Buckley, Executive Director, Legal Aid Center of Southern Nevada
Verise Campbell, Administrator, Mortgage Mediation Program
Phil Olsen, Attorney and Mortgage Mediator
Isn't there a financial for foreclosing and selling the property at a loss? If they allow the homeowner to stay in the home with a loan modification that is an in-house decision, but a loss on the open market allows for a tax advantage. Please address this.Bob Piper –Jan 3, 2011 09:49:17 AM
So let me understand this, people who have purchase a home that now they feel that they have been taken advantage of need to have some laws protecting them from the banks. I dont get this. When are people going to be held responsible for thier actions. The action of choosing to purchase a home at a price and agreeing to pay the bank back. Why should the bank have to help them out when they are the ones that made this decision. The bank didnt drive the prices up and force people to by them. The public did it. Voice of Reason –Jan 3, 2011 09:33:04 AM