Markowitz v. Saxon Special Servicing

Saxon Special Servicing serviced a promissory note that secured a home loan for Appellants. After Appellants stopped making payments to Saxon, a notice of default was recorded. Appellants elected to mediate in Nevada's Foreclosure Mediation Program (FMP). Saxon provided all of the required documents for the mediation, including an eighty-three-day-old broker's price opinion (BPO). The mediator ultimately determined that Saxon failed to provide "an appraisal within sixty days of mediation" because the BPO was not prepared within sixty days of the mediation. The district court concluded that the parties had negotiated in good faith with valid authority and that there was no reason to withhold the FMP certificate. The Supreme Court affirmed the district court's order denying the petition for judicial review, holding (1) the mediation rule requiring an appraisal or broker's price opinion that is no more than sixty days old at the time of the mediation requires substantial, rather than strict, compliance; and (2) Saxon substantially complied with the foreclosure mediation rule requiring a current appraisal. View " Markowitz v. Saxon Special Servicing" on Justia Law