Supreme Court sets hearings on foreclosure program

The Nevada Supreme Court has set hearings in Carson City and Las Vegas to get public comment on the newly created foreclosure mediation program.

AB149 created the program which gives homeowners facing foreclosure the chance to sit down with lenders and a trained mediator to see if they can save their homes.

Chief Justice Jim Hardesty made it clear the court is on a fast track to develop the rules, planning to vote on them June 29 and make them effective a month later.

The bill gives borrowers the right to seek mediation of a mortgage loan after the foreclosure has been filed. Under the proposed rules, homeowners and lenders will share the cost of the mediators which cannot exceed $200 apiece.

Hardesty said more than 350 lawyers have already offered to become mediators.

He emphasized the mediation program will only apply to foreclosures filed July 1 or later, not to existing foreclosures.

The Carson City hearing is set for Tuesday, June 16 at the Supreme Court. The Las Vegas hearing will happen Friday, June 26 at the Las Vegas courtroom. Both meetings will be teleconferenced to the other location.