Nevada Foreclosure Prevention Program Helps 43 Percent of Participants
The mediation program helps lenders and borrowers come to an agreement that will allow consumers to keep homes.
Less than half of homeowners who took part in the Nevada Foreclosure Mediation Program managed to remain in their houses after getting an agreement with their lender.
According to a report from the Reno Gazette-Journal, which relied on data from the state, the NFMP showed a success rate of 43 percent in its first year. Officials from Nevada told the paper that the rate shows that the program is working.
"It has taken a tremendous effort to get the program up and running from scratch while processing the thousands of foreclosures and requests for mediation," Ron Titus, head of the Nevada Administrative Office of the Courts, told the paper.
For quite some time now, Nevada has led the nation in terms of foreclosure filings. Furthermore, the state is seeing more than twice the national average for bankruptcy filings.
Those two facts, combined with the state's unemployment rate, have made Nevada the top state when it comes to economic stress, according to recent analysis from the Associated Press.
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