Nevada foreclosure mediation program – 88% success rate

I attended a seminar yesterday on foreclosures and short sales.  During the seminar the speaker presented a few numbers regarding the Nevada Foreclosure Mediation Program.  Thought I’d share…

Note: These numbers are for the one year time period beginning July 1, 2009 and ending June 30, 2010.

  • All notices of default (residential and commercial) recorded statewide – 90,279
  • Requests for mediation – 11,716
  • Mediations completed – 3,860
  • Cases in which agreements were reached between borrowers and lien holders – 3,415 (or 88%)
  • Cases in which foreclosures were allowed to go forward – 445 (or 12%)

I searched for an online source to verify these numbers.  I found the following following Las Vegas Review-Journal story from July:
FIGHTING FORECLOSURE: Thousands request mediation

There are a few more stats reported in the story.

2 comments

  1. Avatar
    Cousin Itt

    So a whopping 3.7% of NODs went on to a mediated settlement. And loan mods have been running at an over 60% recidivism rate. We’re saved!

    You’ve got to wonder what the terms of the “successful” mediations ended up being. Unless there were signifigant principal reductions (which I doubt), the mediations are just another delaying tactic on the way to foreclosure.

  2. Avatar
    inclinejj

    All the foreclosures I have looked at have either declined or refused mediation.

    I call Bullshit!!!

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