Although Foreclosure Mediation programs are not statewide in Massachusetts, three major cities have instituted mandatory programs through city ordinances as a means to help negotiate alternatives to foreclosures. Through foreclosure mediation, homeowners and lenders engage in guided negotiation with a skilled mediator who is also a foreclosure expert. Together they work to define new agreements which ultimately benefit all involved parties to the dispute.
Prior to the mediation, the homeowner provides an accurate and current look at their financial situation, so that the lender has the opportunity to craft potential options that might allow the homeowner to achieve a loan modification enabling them to keep their home. Other alternatives considered positive outcomes could include a short sale, or negotiating a dignified exit from the property. Another positive effect of foreclosure mediation is that it often enables the homeowner the opportunity to work with a loan counselor who can help ensure that the homeowner understands their financial situation and loan modification program options, enhancing their ability to work toward a successful outcome.
While foreclosure mediation does not provide a certain avoidance of foreclosure, it is the best – and often times – last chance for the parties to work together to take a final and serious look at their individual situations to determine whether foreclosure can be avoided. One should also be cautious of Foreclosure Rescue Scams. If you are involved in a foreclosure event, MDRS can help. We have neutrals who are experts in foreclosure mediation, who understand the needs of both lenders as well as homeowners, the state and federal programs currently available, and the case law applicable to these matters.
Now, More Than Ever, ADR is the Answer.
Please call us at (800) 536-5520 to discuss your case.
