Mediation is a confidential process where a third party mediator sits down with a homeowner and their leader to discuss options for resolving a foreclosure case. Mediate Wisconsin’s mediation program is administered by the Milwaukee County Clerk of Circuit Courts with funding from the Wisconsin Department of Justice.
“This newly revised model of the mediation process does more to ensure homeowners get the assistance and answers they need more quickly and efficiently, and ensures that the parties stay at the table until the matter is resolved,” Attorney General Van Hollen said.
As of July 2012, there were an estimated 50,000+ open residential foreclosure actions in Wisconsin. Each foreclosure case that is avoided through mediation or other means is estimated to save roughly $40,000.
The work of mediation can lead to an estimated $2 billion in savings, easing the work of the court systems and better serving both homeowners and their lenders.
To learn more about mediation, and the Wisconsin Foreclosure Mediation Network, visit Real Estate Rama’s story.