I wrote previously about a recent case in Nevada where a homeowner, Raul Cardenas, took his mortgage bank to court and got the judge to set a date for a sanctions hearing. The case is resulted when Cardenas took advantage of the new Nevada Foreclosure Mediation Program which requires banks to attend a foreclosure mediation session and negotiate in good faith. The foreclosure mediator (a neutral third party) decided that the bank had not, in fact, negotiated in good faith and referred the case to court for a sanctions hearing.
This case is important because it's really the first test to see how the "good faith" requirement will be interpreted by the courts. And so far it looks like the requirement does have teeth. Here's the report from Channel 8 News:
Help Stop Foreclosure Las Vegas
If you have questions about foreclosure, about foreclosure mediation or bankruptcy in general and you're seeking good Las Vegas bankruptcy attorneys, please feel free to contact us for a free initial consultation.
This case is important because it's really the first test to see how the "good faith" requirement will be interpreted by the courts. And so far it looks like the requirement does have teeth. Here's the report from Channel 8 News:
Help Stop Foreclosure Las Vegas
If you have questions about foreclosure, about foreclosure mediation or bankruptcy in general and you're seeking good Las Vegas bankruptcy attorneys, please feel free to contact us for a free initial consultation.
Powered by Compendium Blogware
Comments for Video: Channel 8 News report on Raul Cadenas foreclosure mediation case