On June 1, 2009 Assembly Bill 149 was enacted which amends existing laws related to foreclosures and sets forth new procedures related to defaults and the exercise of powers pursuant to a trust agreement or deed of trust.
A trustee under a deed of trust has the power to sell the property to which the deed of trust applies, subject to certain new restrictions. (NRS 107.080, 107.085) Pursuant to the new amendments, additional restrictions were added to the trustee’s power of sale with respect to owner-occupied housing. The trustee must provide the grantor of a deed of trust or the person who holds the title of record with the right to request mediation under which such owner of record or the grantor may receive a loan modification. The grantor or owner of record has thirty (30) days from the receipt of notice to request the mediation. It is the obligation of the grantor or owner of record to request the mediation to request the mediation through the Administrative Office of the Court.
Once mediation is requested, no further action may be taken to exercise the power of sale until the completion of the mediation. Each mediation must be conducted by a senior justice, judge, hearing master or other designee pursuant to rules adopted by the Nevada Supreme Court. A mediation fee of not more than $85 per hour (not to exceed $400) may be charged and collected for the mediation. The mediation fee is to be borne equally by the mediating parties. The Supreme Court of Nevada shall draft and publish the rules related mediation rules and address other concerns that have yet to be clarified.
