As you may have read on our blog, Nevada law now lets Las Vegas homeowners request a mandatory foreclosure mediation with their mortgage lender:
The answer is that the simple act of getting two parties in a room to simply sit down face to face and talk actually goes a long way.
This approach has proved successful in a number of other states so far where similar programs have been implemented. In Connecticut, more than half of the participants in the program stayed in their homes after negotiating with their mortgage lenders for a loan modification. And in Philadelphia, out of 3,380 participants in their program so far, 1,200 have reached agreements that have enabled them to stay in their homes while another 1,500 are still in negotiation.
Foreclosure mediation helps homeowners get around one big obstacle: Trying to a live person someone at a big bank with whom they can speak. And mandatory foreclosure mediation means the banks can no longer ignore the issue.
From there, it's a matter of closing a communication gap. When you're face to face, both parties can explain their positions and concerns in a much more timely and effective way. And with the help of a mediator who has experience in foreclosure matters, the communication gap can actually be bridged.
On top of all of this, there's a "good faith" requirement for both parties that participate in the foreclosure mediation program. That means that the mortgage lenders can't just go through the motions or send someone without negotiating authority. If they do, then they can be sanctioned with financial penalties and they still may not be able to proceed with foreclosure.
Additionally, if the number of loan modifications doesn't increase as a result of this program, it will lead to a sense that the mortgage lenders on the whole are not acting in good faith. Yet the new requirement is clearly intended to increase the number of negotiated loan modifications and reduce the number of foreclosures as well as the backlog in the courts. So the mortgage lenders, if they're smart, will conduct themselves in a way that does not provoke further legislation aimed at prodding them into doing their part to help out with the foreclosure issue.
In other words, don't underestimate the power of mediation. Especially required mediation.
To help stop foreclosure Las Vegas, foreclosure mediation is an important tool. Equally important is having good bankruptcy attorneys in Las Vegas to assist you. (Negotiating on your own against a sophisticated mortgage lender is not recommended.)
Whether you want to get the benefit of new foreclosure laws or new bankruptcy laws Las Vegas, please feel free to contact us for a free initial consultation.
- if the homeowner has received a foreclosure notice any time after June 30, 2009, and
- if the homeowner actually lives in the home that is the subject of the foreclosure notice.
The answer is that the simple act of getting two parties in a room to simply sit down face to face and talk actually goes a long way.
This approach has proved successful in a number of other states so far where similar programs have been implemented. In Connecticut, more than half of the participants in the program stayed in their homes after negotiating with their mortgage lenders for a loan modification. And in Philadelphia, out of 3,380 participants in their program so far, 1,200 have reached agreements that have enabled them to stay in their homes while another 1,500 are still in negotiation.
Foreclosure mediation helps homeowners get around one big obstacle: Trying to a live person someone at a big bank with whom they can speak. And mandatory foreclosure mediation means the banks can no longer ignore the issue.
From there, it's a matter of closing a communication gap. When you're face to face, both parties can explain their positions and concerns in a much more timely and effective way. And with the help of a mediator who has experience in foreclosure matters, the communication gap can actually be bridged.
On top of all of this, there's a "good faith" requirement for both parties that participate in the foreclosure mediation program. That means that the mortgage lenders can't just go through the motions or send someone without negotiating authority. If they do, then they can be sanctioned with financial penalties and they still may not be able to proceed with foreclosure.
Additionally, if the number of loan modifications doesn't increase as a result of this program, it will lead to a sense that the mortgage lenders on the whole are not acting in good faith. Yet the new requirement is clearly intended to increase the number of negotiated loan modifications and reduce the number of foreclosures as well as the backlog in the courts. So the mortgage lenders, if they're smart, will conduct themselves in a way that does not provoke further legislation aimed at prodding them into doing their part to help out with the foreclosure issue.
In other words, don't underestimate the power of mediation. Especially required mediation.
To help stop foreclosure Las Vegas, foreclosure mediation is an important tool. Equally important is having good bankruptcy attorneys in Las Vegas to assist you. (Negotiating on your own against a sophisticated mortgage lender is not recommended.)
Whether you want to get the benefit of new foreclosure laws or new bankruptcy laws Las Vegas, please feel free to contact us for a free initial consultation.
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