Minnesota to follow Nevada’s foreclosure mediation example?
Minnesota is the latest state to attempt to follow in the footsteps of Nevada’s successful Foreclosure Mediation Program, according to an article in the Minnesota Star Tribune.
In the face of a high foreclosure rate, Minnesota’s Attorney General along with key state legislators are trying again to pass the Homeowner-Lender Mediation Act. The legislation was vetoed last year by Minnesota Governor Tim Pawlenty.
The legislation is a response to repeated “complaints from borrowers who have sought loan modifications only to have their paperwork lost repeatedly, their messages never returned and their questions go unanswered.”
It’s unclear at this point whether the legislation will be as empowering as Nevada’s Foreclosure Mediation Program, which gives homeowners facing foreclosure the ability to request a mandatory mediation session with an authorized representative from the mortgage lender plus a neutral foreclosure mediator.
To date, Nevada’s Foreclosure Mediation Program appears to be the only such program that is succeeding in a substantive way because it has teeth in it and judges are willing to sanction mortgage lenders who do not negotiate in good faith.
If you’re a Las Vegas resident facing foreclosure, please contact us for a free foreclosure consultation to learn more about foreclosure mediation, loan modification and other strategies for protecting your home in Las Vegas.
To ge the best Las Vegas bankruptcy help, it’s important to work with an experienced and trustworthy bankruptcy attorney in Las Vegas. Freedom Law Firm attorneys have the experience with foreclosures to help you navigate the foreclosure process.