Introduction to Foreclosure Mediation:
The goal of foreclosure mediation is to enable homeowners and lenders to communicate and negotiate in a non-judgemental and monitored setting. Foreclosure program managers, along with loan counselors, help the parties with education, paperwork exchange, and preparation for the mediation session. When these cases have been prepared for mediation, specially trained mediators work with the parties to closely evaluate the solutions that may be possible as alternatives to foreclosure in each specific situation. Foreclosure mediation must take into account National mortgage and loan programs and laws, State law and regulations, as well as any municipal ordinances that may apply, while working both within the financial means of the homeowner and resolving financial conflict with the lender. The parties must be responsive to the requirements of the mediation program in order to achieve a successful outcome.
Massachusetts Dispute Resolution Services [MDRS] was the sole designated Program Manager for the City of Lynn, Massachusetts’ Foreclosure Mediation Program during its active period in 2014/15. Foreclosure Mediation is a specialty reserved for specifically-trained neutrals.
For more information regarding Foreclosure Mediation and information on participation in the City of Lynn’s program, please review the linked pages below.