The rules include a number of significant changes as the result of several public hearings conducted by the court.

The mandatory mediation program allows a homeowner receiving a Notice of Default July 1 or thereafter to request mandatory mediation with the lender with the objective of obtaining a loan modification or an estimated short sale value the lender may consider.

One of the key questions has been exactly what documents the lender must provide. The answer is that the lender must provide "the original or a certified copy of the deed of trust, the mortgage note, and each assignment of the deed of trust and the mortgage note." Certification must be made under oath before a notary public and include a statement that the person certifying the copy is in actual possession of the original of each certified document. In the event of a lost or destroyed document the requirements of Nevada law shall apply as concerns "the enforcement of a lost, destroyed or stolen instrument." This should provide hours of fun for all parties involved.

The lender must provide under confidential cover to the mediator the "evaluative methodology" used in deciding whether a homeowner is eligible for a long modification. This will be helpful to the mediator in assisting the parties resolve their differences.

The lender must also provide the most current appraisal of the property and shall prepare an estimate of the short sale value of the property that it may be willing to consider. Because "most current" may be practically meaningless in today's market the burden in effect may be upon the homeowner to provide a truly current appraisal meaning one made within the last six months.

Until there is a track record for the mediation program we will have no way to predict its effectiveness. The Supreme Court has promulgated rules that give all parties an opportunity to effectively and persuasively present their case.

Robert B. Noggle

Attorney at Law

10777 West Twain Avenue, Suite 300

Las Vegas, Nevada 89135

Ph: 702.869.8801
Fax: 702.869.2669

rnoggle@blacklobellolaw.com

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