Mediation Process Leaves Homeowners & Lenders Unhappy

With all the hoopla around how mediation is so grand, I thought this would be a good reality check since my blog is 'fair and balanced'. (Anyone laugh at that? Anyone??)

The Nevada Supreme Court, which oversees the Foreclosure Mediation Program, has several times in the past 18 months updated program rules in response to concerns that have arisen, but bank officials and homeowners say the program still has problems that must be addressed.

...Homeowners said the program should track how often lenders do not negotiate in good faith, and should establish a sliding scale for financial sanctions based on the lenders' track records.

In addition, Buckley said attorneys for homeowners in three different areas of the state told her of cases in which a bank charged a homeowner for the bank's half of the $400 mediation fee that the law states is to be split evenly.

Read the full article at the link below:

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