The 2015 Nevada Legislature approved SB 512, which allows homeowners with a documented financial hardship and in imminent risk of mortgage default, to participate in foreclosure mediation prior to the issuance of a Notice of Default (NOD).
A HUD-approved housing counseling agency must determine the financial hardship preventing the homeowner, or the person who holds the title of record, from being able to make a mortgage payment within the next 90 days.
A list of HUD-approved housing counseling agencies can be found under Foreclosure Resources.
Two forms are required to participate in Pre-NOD Mediation:
In addition, the homeowner must submit to the Foreclosure Mediation Program (FMP) a mediation fee of $200.
Nevada state law allows your participation in mediation prior to the issuance of a Notice of Default if you have met the following requirements.
- You have received a referral from a HUD-approved housing counselor.
- You do not have an open bankruptcy filed on or after July 1, 2009.
- You have been discharged from Bankruptcy or the court has ordered you into the FMP.
- This property is your primary owner-occupied residential property (not a vacation, rental or other property where the homeowner does not live).