At a public hearing scheduled for Tuesday, March 16, 2010, the Nevada Supreme Court will consider amendments to the rules governing the state’s Foreclosure Mediation Program (FMP).

“With the Foreclosure Mediation Program now in its eighth month of operation, we have determined that some additional rule changes are necessary to make the process more efficient and responsive, to benefit both the homeowner and the lender” said Chief Justice Ron Parraguirre.

The amendments being considered would:

• Extend timelines for mediations to occur from 90 days to 135 days after a lender fee is received by the FMP
• Streamline the system so FMP certificates are not required for the sales of non-owner-occupied housing

• Ensure that legal representatives for either the homeowner or lender are licensed Nevada attorneys
• Allow broker’s price opinion letters in lieu of appraisals
• Limit mediators to no more than three mediations in a day without express permission
• Allow a second mediation if a lender does not make a temporary modification permanent after a homeowner fulfills all obligations of that agreement
• Permit postponements in mediations if the parties and the mediator agree

The proposed changes were recommended by the 12-member FMP rules committee, composed of representatives of Nevada lenders and homeowners, two Supreme Court justices, and court staff involved with the program. If the amendments are approved, this will be the third set of rule changes since the FMP was enacted on July 1, 2009.

The hearing will be conducted at the Supreme Court building in Carson City, Nevada, and it will also be broadcast via a video conference in the Las Vegas courtroom at the Regional Justice Center. Interested persons may address the justices from either location, and written comments are also invited by the court.

Nevada’s FMP was established as a result of the Assembly Bill 149, passed during the 2009 session of the Nevada Legislature. Its purpose is to address the foreclosure crisis head-on in order to help keep Nevada families in their homes. This law established a FMP for owner-occupied residential properties that are subject to foreclosure notices filed on or after July 1, 2009.