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