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Few take part in foreclosure mediation
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Updated: Apr. 10, 2012 | 10:40 a.m.
Since July, foreclosure has claimed 38,277 Nevada homes, but slightly more than 10 percent of the owners have taken advantage of the state's innovative Foreclosure Mediation Program, according to the latest statistics provided by Bill Gang, public information officer for the Nevada Supreme Court.
As of the beginning of January, 3,890 homeowners who had received a notice of default from their lender have asked to participate in the program, Gang said. Of those, 1,821 have been assigned mediators. Since Sept. 14, a total of 877 foreclosures have been mediated as part of the program, which was approved by lawmakers who gave the task of administering the program to the high court.
August saw the most notices of default filings, with 10,187 homes going into foreclosure. Most of the 38,277 notices are concentrated in Clark County, with a significant number in Washoe County, the state's two population hubs.
The low percentage of participants could be related to the program's eligibility requirements, which include having the owner be the primary resident of the home in foreclosure. Nevada leads the nation in foreclosure filings.
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Simple solution;
LOL you are really ill-informed, the idea is to help out those who need the help IE: those loans in default, those no-performing loans go into foreclosure and are sold at a substantial discount. That reduces the value of your home and the county's tax basis and fundementaly breaks up communities.
Why would any bank agree to mediate with someone who doesn't need any help?? Where is their incentive?? So they can collect less interest from the parties that can afford to pay them??
Or would they want to work out something, anything from a "hardship" rather than foreclosure and all that goes with it.
How would working with only those current stop defaults and foreclosures??
it wouldn't.....and while you sit there and upset that others maybe receiving help and you don't b/c luckily you are not facing a hardship.. your home will continue to go down in value and taxes rise b/c you will be stuck paying the bill..
Walk away. Screw the banks.
I know many folks who wanted to take advantage of the mediation program, but their mortgage companies were not partcipating or willing to work with them.