Foreclosure mediation is fast, inexpensive, and cost effective. Through give-and-take, homeowners and lenders, with the assistance of a trained mediator, seek a mutually acceptable resolution to a mutual dilemma. By working together to explore various options, agreements are often reached that benefit both sides and avoid foreclosure.
Program mediators attend many training events throughout the year to learn more about current trends in lending, foreclosure mediation practices, and program rules. The mediators who are assigned foreclosure mediation cases come from a pool of lawyers, real estate professionals, and mediators.
Working for a Resolution
The Mediator’s role is to help the parties work toward a reasonable resolution to a mutual problem. The Mediator is not a judge who decides a case and cannot give legal advice.
By working together to explore the various options, the hope is that homeowners and lenders can avoid foreclosure and allow families to continue living in their homes.
The mediator is in charge of the process and will set the time and location for the mediation after consulting with the parties. Mediators also will make decisions on any requests for postponements. Mediators are randomly assigned from a list of qualified and trained individuals.
Sometimes an agreement cannot be reached, even with the help of a trained mediator, and the home will be lost to foreclosure. That is the reality in today’s economy. It is important the parties work with the mediator to reach a mutually acceptable solution.