MDRS is excited to bring our valuable knowledge and experience of out-of-court dispute resolution to the City of Lynn Foreclosure Mediation Program. This groundbreaking program has been created to give Lynn homeowners and their lenders an opportunity to find mutually beneficial alternatives to foreclosure. The goals of the program are to prevent foreclosure, keep Lynn families in their homes, and prevent vacant and abandoned houses from negatively impacting property values and destabilizing Lynn neighborhoods.
The City of Lynn is working exclusively with MDRS to use mediation as a means of exploring alternatives to foreclosure. These alternatives include retention options such as loan modification, repayment plan, reinstatement, or forbearance agreement, and non-retention options such as a short sale, deed-in-lieu-of-foreclosure, or consent foreclosure.
In foreclosure mediation, experienced and impartial MDRS neutrals, who have been specially trained in foreclosure mediation, work to facilitate communication and negotiations between the homeowner and lender. The solutions may vary for each situation, but the end goal is the same – to avoid foreclosure and find an outcome that works for both the homeowner and the lender.
The City of Lynn Foreclosure Mediation Program is limited to residential, owner-occupied properties that are currently the homeowner’s primary residence. Foreclosures of non-residential, investment, or commercial property are not eligible for this program. MDRS will be notified by the City of Lynn when a lender files a Notice to Cure with Lynn City Solicitors, per their city Ordinance. MDRS and Lynn United for Change, the mediation program’s loan counseling and advocacy group, will immediately notify the homeowner and lender about participating in the program.
Eligible homeowners in Lynn will receive an easily recognizable gold envelope from MDRS in conjunction with the foreclosure mediation program. These envelopes bear the MDRS and City of Lynn logos and are easily distinguishable from other materials that may be received outside of the program. Homeowners should be vigilant of foreclosure rescue scams promising relief from foreclosure for fees.
If you would like more information, please call Sheri Stevens at (800) 536-5520 or e-mail Sheri at sstevens [at] mdrs.com.
