- If your home is in foreclosure, chances are it has been hard to talk directly with your lender about ways to get things back on track. You are probably wondering what type of options might be available. You may have experienced difficulty understanding and dealing with all the paperwork involved in seeking assistance from your lender.
- Mediation is a process where a neutral person, a mediator, guides the exchange of information between you and your lender, and then oversees an in-person meeting with your lender to see if there is an option to resolve your situation. Mediation is confidential, but we do keep the Court informed about the general progress of your case. If you do come to an agreement with your lender, formal papers are written up and delivered to you so you can review all the details.
- Many people mix up “mediation” with “modification.” “Mediation” is the process of communicating with the help of a 3rd party who is completely neutral. A “modification” is a change to your loan terms, like lowering the interest rate or the payment amount. Many homeowners seek a modification of their loan by using the mediation program. Mediated outcomes are only those available through the mortgage servicer’s loan modification program.
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