Monday, March 22, 2010

Foreclosure and Mediation Process (continued)

Foreclosure and Mediation Process (continued)

Once a party has requested mediation, a mediator will be chosen and a date given by the foreclosure mediation office (either in Carson City or Las Vegas). Id. On the date of scheduled mediation both parties will arrive and the mediator will discuss possible solutions with the parties. In many cases the mediator will take each party to a separate room to discuss options and get a feel for what each party is thinking. This process of isolating either the lender or the borrower is known as caucusing. After caucusing, the mediator will present each party’s concerns and potential solutions to the adverse party. If the parties are amenable to a loan modification, or some other result, then the agreement will be drafted by the mediator for both parties to sign.

As with any matter involving substantial rights it is important that you obtain an attorney when going through the foreclosure mediation process. They will be able to advise you of your rights and may facilitate the best possible result in your situation.

Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. If you have questions or need specific advice relating to the matters contained herein, please contact Lovaas & Lehtinen, P.C.

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