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Foreclosure Help Program Underused

State Reports Low Enrollment In Mediation Program
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Nate Tannenbaum Nathan Tannenbaum
Email Nathan at nathan.tannenbaum@cbsradio.com
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LAS VEGAS (AP)  – Few Nevadans are taking advantage of a new foreclosure prevention lifeline thrown to them by the state Legislature.

Officials with the Nevada Foreclosure Mediation Program say they’ve automatically started enrollment for 261 homeowners who received a notice of default since Oct. 1.

But they say that as of Thursday afternoon, only one homeowner has completed their enrollment by submitting the necessary $200 fee.

While some may have a few more days to respond, the rest are headed straight for foreclosure under the new law.

Lawmakers recently passed a bill, AB273, calling for homeowners to be enrolled in the state program once they receive an initial foreclosure notice. Homeowners must respond to the offer within 30 days.

Mediation allows homeowners to sit down with lenders and discuss alternatives to foreclosure.

You can find out all about the program by clicking here.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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