Where Do I Begin with Mortgage Mediation?
Mediation is when the lender and the borrower sit down with a court ordered mediator, a third party, to look at options. Modification programs are often limited and hard to execute. Mediation is a good way to play it safe when you’re almost out of options to help cure any deficiencies in the process. With so many delinquent borrows currently nationwide, there are many opportunities for mistakes to be made. Borrowers can also get lost in the process and mediation personalizes for expedition and avoidance of mistakes.
Once the lender initiates foreclosure, you have the right to request mediation. The lender must send a “request for foreclosure mediation” form. You then have 25 days to complete the form and file it with the circuit court in the county or city where your foreclosure has been filed to have your request granted. You must also send the form to the attorney handling the foreclosure for your lender.
THINGS TO KNOW:
1) a non refundable fee of $50 must be paid by homeowners to the circuit court when they file a request for mediation.
2) The fee and the “request for foreclosure mediation” form must be sent to the same circuit court that your foreclosure was filed in.
3) This is your one and only chance to request foreclosure mediation. If you do not submit your fee and form within the 25 days, you will NOT be given another chance.
4)Homeowners must be living on the foreclosed property to participate in the mediation program. It must be your primary residence. The mediation program is not for owners of foreclosed, rental or commercial properties.