In a surprise reversal, members of a Nevada legislature’s joint Assembly and Senate budget committee voted to keep the Foreclosure Mediation Program in place for the next biennium with the intent of discontinuing it after that. The move comes as Nevada foreclosures have dropped dramatically since their recession peak, but the rate remains high relative to other states.
“I appreciate those who have worked on bringing this back to us because we clearly still have a foreclosure problem in this state,” Democratic Sen. Debbie Smith said.
As the Nevada FMP will continue for the foreseeable future, partner, Phillip Silvestri expects more homeowners in distress to enroll in the mediation process. “While the number of foreclosures in Nevada is on the decline, this state still remains one of the unfortunate leaders in the number of residential foreclosures in the country and we expect that trend to continue,” Phil said.