With foreclosures in Nevada at an all time high it came as no surprise that the Nevada legislature would address this growing problem. In order to effectuate legitimate foreclosures Assembly Bill No. 149 (AB149) was passed. This particular bill makes several changes to the foreclosure process and provides incentive for both parties (lender and borrower) to discuss possible solutions in the event of borrower default.
AB149 provides for mandatory mediation when requested by a grantor or person who holds title to a particular property. This mediation shall take place within 90 days after recording a notice of default and election to sell. NRS 107. With the onset of this new provision (took effect on July 1, 2009) lenders must send an application form called an Election of Mediation with a Notice of Default. Id. Since the term election is used, either party has the right to request mediation, in other words, it is not automatic. Id.
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