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Banks Have to Follow the Rules
Banks Have to Follow the Rules

AIR DATE: July 14, 2011

The Nevada Supreme Court ruled last week that the banks actually do have to follow the rules of the Foreclosure Mediation Program. In particular, they have to prove they are the legal owner of the mortgage and they have to participate in good faith in the prescribed mediation. So what do the three rulings mean for the program and what will they mean for homeowners still trying to hold on to their homes?
Michael Joe, attorney, Legal Aid Center of Southern Nevada
Bill Uffelman, Exec Dir, Nevada Bankers' Association

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(Continued) and leave with feelings that the lender's representative took steps to lessen the potential benefits provided by the State of Nevada for homeowners. We believe the answer for this is extensive research and making sure someone on your side of the table knows the "Rules" to provide you with, at least, the level of represenation the lender's representative is providing. Researching an industry new to you is no easy task and can be compounded exponentially when experiencing financial hardship but it can make a difference that is evident monthly for 30 years.
Falcon Credit ManagementJul 12, 2011 11:24:27 AM
We have 1 of the 14 Covered Service Providers Licenses in NV for representing homeowners in the "Mediation Program". I would like to comment on something that I feel could have been explained in more detail during this morning's program on the "Mediation Program". I believe we were the 1st licensee to be awarded sanctions against a lender by Judge Moseley in late 2009 for incomplete documentation. Documentation requirements have existed since the beginning of the "Mediation Program" as is documented in our free informational video series posted in 2009 on Youtube and our company website. In this series we reccomend going to mediation with a checklist of the rules for yourself and the Mediator if you choose not to have professional representation. It is our opinion that the "Amendments" have eased the burden of enforcing the "Mediation Rules". A caller mentioned his belief that the "Mediation Program" was used by lenders to, among other things, exhaust homeowners. It is very possible to go to "Mediation" without quality licensed represenation (we provide a list of the 14 current licensees and 36 terminated licensees with additional information at our website)
Damian FalconeJul 12, 2011 11:13:32 AM
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