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Foreclosure Mediation

 

Foreclosure mediation is mediation service to help you to determine your options before or during the foreclosure process. Through the mediation, a lender may be able to collect the back payments owed and the homeowner might be able to keep his or her home. Sometimes,  the homeowner might be able to negotiate a more realistic mortgage payment that will prevent him or her from defaulting again in the future.

Function

Foreclosure mediation refers to the process by which a lender attempts to renegotiate the terms of a homeowner's mortgage in order to bring the mortgage current and keep the homeowner from defaulting frequently. This process is undertaken by a third, unbiased person, a mediator, who can work with both sides to come to an amicable agreement that works for both parties.

Alternative Law Foreclosure mediation program can be utilized in any state as long as there are two willing participants. Our forclosure mediators  usually work on cases where the disputes are larger and more complex. For simple forclosure proceedings, it is best to utilize a state-run mediation program.

There are more and more state- or government-run services, but not all states offer foreclosure mediation. Currently, it is only offered by a few states that have adapted the real estate mediation process to apply to their state's foreclosure laws. Connecticut, Ohio, Florida and New Jersey are some states to create foreclosure mediation programs.

Types

Foreclosure mediation can sometimes be viewed as a form of debt relief; however, a foreclosure mediation program is not the same thing as a debt-relief service. A debt-relief service is usually provided directly by your lender's company or by a third-party agency that charges fees for communicating with your creditors on your behalf. For smaller mediations, there is usually no fee involved in government-sanctioned foreclosure mediation programs, as they are provided by the courts.

If your property is being foreclosed on, you must usually respond to your lender's notice within 28 days, in most states. You should inform your lender that you have received the notice and that you would like to request a mediation. As you receive the notice, you should contact Alternative Law. Your lender may already have the statewide contacts necessary to begin this process, but they may not want to utilize an outside neutral such as us. That conflict might be a point that needs to be negotiated with them to achieve a fair result.

If you feel that you are in need of a foreclosure mediator, you can begin the process by contacting Alternative Law Foreclosure Mediation at 1.800.529.1516 or emailing us at mediation@alternativelaw.com. You can also your lawyer or a HUD (Housing and Urban Development) approved counselor who can advise you of the proper steps and laws in your state. Note again, that only a few states have foreclosure mediation programs established. If you do not live in one of these states, your local HUD-approved counselors may still be able to provide you with a few other options aside from foreclosure mediation.

Read more: What Is Foreclosure Mediation? | eHow.com http://www.ehow.com/about_4681373_foreclosure-mediation.html#ixzz1aOLEYV60