The State of Nevada Foreclosure Mediation Program (FMP) was created during the 2009 session of the Nevada Legislature with the passage of AB 149, which amended NRS Chapter 107.
The purpose of AB 149 was to directly address the foreclosure crisis and to help keep families in their homes. The FMP provides an opportunity for homeowners and lenders to discuss alternatives to foreclosure.
Mediating a foreclosure action is fast, inexpensive, and cost effective. Mediation is a give-and-take process that lets the homeowner and lender – with the assistance of a trained mediator – seek a mutually acceptable resolution to their mutual dilemma. By working together to explore the various options, agreements are often reached.
Through state-wide collaboration, education, and best practices, the State of Nevada Foreclosure Mediation Program provides a viable mediation process bringing together key stakeholders, including property owners, lenders, and their respective representatives, in a neutral setting to discuss alternatives to foreclosure, thus helping to reduce the number of foreclosures in Nevada under the guiding principles of respect, equity, accountability and sensitivity.
The State of Nevada Foreclosure Mediation Program strives to earn the respect of stakeholders through demonstrated leadership and a pro-active emphasis on neutral mediations bringing all parties together for resolution with the goal of reducing the number of home foreclosures through a team that places an emphasis on:
- Principled leadership which maintains standards of excellence;
- A unified commitment to and accountability for the shared larger purpose;
- A structure based on elevating goals and measurable outcomes;
- A responsive program mobilized to provide capacity and services through external support and recognition; and
- Processes that develop trust, promote communication, and resolve critical issues under the guiding principles of respect, integrity and fairness.