The Mercury News is reporting that the Nevada Supreme Court swore in 75 new mediators as part of its Foreclosure Mediation Program.
The Nevada Supreme Court's website shows that more than 3,400 homeowners have requested mediation. 372 mediations have been conducted. 1,401 cases have been assigned to mediators.
We've blogged about the Nevada program before. One of the important questions, to me, is how is a successful mediation and program outcome defined?
If a mediation results in a modified loan, but the homeowner defaults a few months down the road, is that a success? I'll be interested to know the general parameters of the settlements that are reached, what percentage of homeowners and mortgage companies participate, and the satisfaction levels of the mortgage companies and the homeowners immediately after the mediation and 6 months after the mediation.
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