Mortgage mediation sounds like such a good idea, particularly in a state like Nevada where one out of every 84 households in the state received a foreclosure notice in August, four and a half times the national average. www.nytimes.com/2010/09/19/business/19gret.html
The mortgage mediation bill passed in Nevada is forward thinking and more effective than the Federal government’s home mortgage modification program. The trouble is, after a promising beginning, it doesn’t really work. Lenders are coming to mediation hearings without the necessary documentation or without fulfilling other requirements spelled out in the program. It is their version of simply saying, “No! We don’t want to.” Lawyers who protest the banker’s ability to bargain in good faith find themselves outside of the process. In the words of New York columnist Don Marquis, “The chief obstacle to the progress of the human race is the human race.”
By Myron Gushlak
