Search This Site




follow me on twitter subscribe to feed

Courts becoming last refuge for homeowners who want a loan modification using mediation

Courts becoming last refuge for homeowners who want a loan modification using mediation

The courts are becoming the last refuge for homeowners who are in foreclosure but still hope to remain in their homes under a loan modification.

Actions taken by courts or by the state government in Pennsylvania, Florida, New Jersey and Connecticut are requiring mediation between loan servicers and delinquent borrowers before the property at issue is allowed to be sold.

The Court of Common Pleas for Philadelphia County launched the Residential Mortgage Foreclosure Diversion Program in April 2008. This pilot program required a judicially supervised “conciliation conference” between the owner-occupant of residential property and the lender or mortgage servicer before the property was eligible for a sheriff sale. // Article continued below the video


Has your trial loan mod request been in limbo, denied or cancelled? Watch this video

Loan modification expert, Mike Rockwood, and author of the recommended loan modification workbook, explains how to use a handful of proven strategies to escalate your demand for attention and action on your loan modification request.

These strategies will help you overcome the stall tactics, long delays, wrong answers, incompetent employees and rejection of your trial or permanent loan modification.

In the video, Mike mentions a government agency you can contact to complain, namely, The Office of the Comptroller of the Currency (OCC). Click here to read more about OCC agency and what it can do for you

FYI: As a last resort and for added protection if the clock is ticking against you towards a foreclosure sale date, learn how to stop foreclosure in a day to buy more time to work out a solution.



More recently, the Florida Supreme Court instituted a statewide managed mediation program designed to improve the level of communication between the plaintiff (lender) and the borrower. The order requires that all foreclosures of residential homestead properties be referred to mediation within 120 days of a foreclosure filing. Mediation is to be undertaken by qualified nonprofit organizations, and the costs are to be shouldered by the lender.

The statewide program in Florida built on voluntary efforts to help navigate the foreclosure process already working successfully in Sarasota County through collaboration between the county commissioners and the chief judge.

The Judiciary in both the states of Connecticut and New Jersey has a foreclosure mediation program. As in Philadelphia County, the Connecticut program makes use of a mediator employed by the judicial branch. The New Jersey program combines the resources of the Judiciary, Attorney General, Housing and Mortgage Finance Agency, Legal Services Division and Department of Banking and Insurance.

Lehigh and Northampton Counties in Pennsylvania also offer mortgage mediation hearings for homeowners facing foreclosure. The State of Maryland will consider a similar program during the upcoming meeting of the state legislature.
#####
Source: http://www.nlc.org/articles/articleItems/NCW011810/courtsandhomeowners.aspx

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

Click here to get proven help with your home loan modification

Homeowners – Need Some Sound Advice?

Get Out of Debt Workbook
Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe.
Stop Foreclosure
Get more help on fighting to stop a foreclosure with one of 7 options. For example, if a loan modification is not an option learn about a little-known government program that will stop a foreclosure in less than a day without an expensive attorney. Ideal for unemployed to buy valuable time.

Legally Restore Your Credit
If you are visiting this blog, you likely have mortgage lates, which are a big blemish on your credit report. Once you resolve your mortgage situation, you can legally remove those mortgage lates and all derogatory credit from your report without having to hire an expensive attorney or credit repair service.

mortgage mediation, court ordered mortgage mediation, home loan modification, loan modification, mortgage loan modification, loan modification program, hamp government program

Technorati Tags: mortgage mediation, court ordered mortgage mediation, home loan modification, loan modification, mortgage loan modification, loan modification program, hamp government program

Related posts:

  1. Few Nevada homeowners are taking advantage of the state foreclosure mediation program
  2. Bank of America rejected loan modification despite mediation help
  3. Minnesota attempts to pass a foreclosure mediation bill again
  4. Gilroy homeowners struggle with loan modifications and foreclosures
  5. More political heat needed to help homeowners with loan modifications

Tags: , , ,

Facebook comments:

Leave a Reply Cancel reply

Bad Behavior has blocked 538 access attempts in the last 7 days.

Switch to our mobile site