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Most homeowners facing foreclosures probably did not know they had this option. Foreclosure Mediation means that a third party, an arbitrator, acts as a mediator between the homeowner and the lender in order to come to a solution to prevent foreclosure. Both Broward and Palm Beach counties use the American Arbitration Association while Miami-Dade uses Collins Center to handle their mediation program. In both cases, the forms and process are the same.
How does it work?
Once a foreclosure case has been filed, the homeowners information will be given to a case manager for the foreclosure mediation company. The mediation company will then attempt to contact the homeowner in order to schedule a meeting between them and the bank. If you accept mediation, the bank pays the mediation fee and a date for mediation is set. The bank must send someone with the authority to be able to modify your loan. The meeting takes several hours and, if successful, could mean a reduction in principal, reducing the interest rate or a deed-in-lieu of foreclosure.
Is the Program Successful?
The results will vary from case to case, but the results look promising. The Senior Vice President of the American Arbitration Association has been quoted as saying the success rates are as high as 60% once lenders and homeowners get together to try and find an alternative to a mortgage foreclosure.
Is it right for me?
It depends on what you are looking for as your foreclosure solution. If you do not want to lose your home, then you should absolutely try to bring the bank to the mediation table. I would like to remind you though; if you are unable to come to a solution to keep the home, a deed-in-lieu is a voluntary foreclosure and as such holds the same negative effects that a foreclosure has. For more information on the effects of a foreclosure visit the short sale vs foreclosure section on our site. If you have no desire to stay in the home, then you should look for other alternatives, such as a short sale.
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Source by Shirley Wise
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