Nevada's foreclosure mediation kept more consumers in their homes
01/12/2011
By Credit.com Staff
Nevada's statewide foreclosure mediation program kept 47 percent of participants in their home, while nearly 90 percent avoided foreclosure altogether, according to a report from the Associated Press. Just 13.2 percent of the 6,021 mediations the program ran in the year since September 2009 resulted in foreclosures.
A large amount - 38.6 percent - of these foreclosures did not take place because the lender did not show up to the mediation, or had no authority to process the action or failed to present necessary documentation that they owned the home loan in question, the report said. Meanwhile, a University of Nevada at Las Vegas economics professor said the average home in that city had an average of 19 foreclosed neighbors, causing a property that was valued at $292,000 prior to the recession to be worth $214,000 today.
Nevada, along with California, is among the states hit hardest by foreclosure, and both have recently started state programs to help residents avoid the problem.
