Nevada § 107.0865 - Mediation to negotiate loan modification

§ 107.0865. Mediation to negotiate loan modification

1. A mortgagor under a mortgage secured by owner-occupied housing or a grantor or

the person who holds the title of record with respect to any deed of trust which concerns

owner-occupied housing may initiate mediation to negotiate a loan modification under

the mediation process set forth in NRS 107.086 if: (a) A local housing counseling agency approved by the United States Department of

Housing and Urban Development certifies that the mortgagor, grantor or person who

holds the title of record: (1) Has a documented financial hardship; and (2) Is in imminent risk of default; and (b) The mortgagor, grantor or person who holds the title of record: (1) Files a petition with the district court indicating an election to enter into

mediation pursuant to this section; (2) At the time of filing such a petition, pays to the clerk of the court a fee of

$25; (3) Pays to the district court his or her share of the fee established pursuant to

subsection 12 of NRS 107.086 ; and (4) Serves a copy of the petition upon Home Means Nevada, Inc., or its successor organization,

and the beneficiary of the deed of trust, by certified mail, return receipt requested

or, if authorized by the parties, by electronic transmission. 2. Upon receipt of a copy of a petition pursuant to subsection 1, Home Means Nevada,

Inc., or its successor organization, shall notify the mortgage servicer, by certified

mail, return receipt requested or, if authorized by the parties, by electronic transmission,

of the petition of the mortgagor, grantor or person who holds the title of record

to participate in mediation pursuant to this section. Upon receipt of a copy of a petition pursuant to subsection 1, the district court

shall assign the matter to a senior justice, judge, hearing master or other designee

and schedule the matter for mediation. Home Means Nevada, Inc., or its successor organization, shall notify every other

person with an interest by certified mail, return receipt requested or, if authorized

by the parties, by electronic transmission, of the petition of the mortgagor, grantor

or person who holds the title of record to participate in mediation. 3. Each mediation required by this section must be conducted in conformity with the

requirements of subsections 5 and 6 of NRS 107.086 . 4. If the mediator determines that the parties, while acting in good faith, are not

able to agree to a loan modification, the mediator shall prepare and submit to the

district court a recommendation that the petition be dismissed. The court may dismiss the petition and transmit a copy of the order of dismissal

to Home Means Nevada, Inc., or its successor organization. Home Means Nevada, Inc., or its successor organization shall, not later than 30

days after receipt of the order of dismissal, provide to the mortgage servicer a certificate

which provides that the mediation required by this section has been completed in the

matter. If Home Means Nevada, Inc., or its successor organization, provides such a certificate,

the requirement for mediation pursuant to NRS 107.086 is satisfied. 5. The certificate provided pursuant to subsection 4 must be in the same form as the

certificate provided pursuant to subsection 8 of NRS 107.086 , and may be recorded in the office of each county recorder in which the trust property,

or any part thereof, is situated. The recording of the certificate in the office of each county recorder in which

the trust property, or any part thereof, is situated shall be deemed to be the recording

of the certificate required pursuant to subparagraph (2) of paragraph (e) of subsection

2 of NRS 107.086 . 6. A noncommercial lender is not excluded from the application of this section. 7. Home Means Nevada, Inc., or its successor organization, and each mediator who acts

pursuant to this section in good faith and without gross negligence are immune from

civil liability for those acts. 8. As used in this section: (a) “ Financial hardship ” means a documented event that would prevent the long-term payment of any debt relating

to a mortgage or deed of trust secured by owner-occupied housing, including, without

limitation: (1) The death of the borrower or co-borrower; (2) Serious illness; (3) Divorce or separation; or (4) Job loss or a reduction in pay. (b) “ Imminent risk of default ” means the inability of a grantor or the person who holds the title of record to

make his or her mortgage payment within the next 90 days.