NEVADA S. CT.: CREDITOR MUST ESTABLISH ITSELF AT MEDIATION OR FACE SANCTIONS

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A number of juicy points here, but the main one I find interesting is that they remanded Wells to the lower court for imposition of sanctions. Why? Because they didn’t produce the documents showing they were the creditor. And they can’t go forward with foreclosure unless they attempt mediation. But they can’t mediate if they are not the creditor.

This case should be used in every state and jurisdiction where it is required that the parties seek modification or mediation. Unless the so-called creditor establishes to the court that it is in fact the creditor and has authority to mediate it is a sham. This case clearly addresses that issue on all fours.

You should note that many judges are now imposing “local rules” that require mediation or HAMP modification to be invoked before they will hear the case so just because it isn’t in the statutes doesn’t mean the rule is not there.

Tags: bankruptcy, borrower, countrywide, creditor, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, mediation, modification, Nevada, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
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