|Mediation is a process where the mediator helps the homeowner and the lender reach a fair, voluntary and negotiated agreement. Foreclosure mediation programs have proven effective in reducing foreclosures in other states.|
The Foreclosure Fairness Program provides you as homeowner foreclosure assistance through mediation. This program was created by the 2011 Foreclosure Fairness Act and helps homeowners and lenders explore the possible alternatives to foreclosure and hopefully reach a resolution. The Act requires lenders to notify homeowners prior to initiating foreclosure of the availability of foreclosure mediation, so it is in your best interest to keep anything that your lender sends to you to bring with you when meeting with your attorney.
Foreclosure mediation is the required process where a neutral third party (the “mediator”) helps you as the homeowner and the lender (the “beneficiary”) openly communicate and reach a fair, voluntary, and negotiated agreement whenever possible and at McFerran Law, we will represent you every step of the way. The banks will have an attorney representing them during the process and it would seem prudent that you do as well.
As homeowners you cannot self-refer into the Mediation Program. Homeowners can ONLY be referred to foreclosure mediation by an attorney or housing counselor. Our attorneys will make an eligibility determination and will provide the referral to Department of Commerce for foreclosure mediation. We will determine your eligibility prior to making the referral and once submitted to the Department of Commerce, you will be assigned a mediator (by Department of Commerce) to conduct the foreclosure mediation. During this process, we will attend the meeting with you and represent you and your rights through the entire mediation process. Although it is not required that an attorney be present with you, we have found that it is the best way to protect your best interest. Plus the lender is typically represented by at least one attorney, so it is fair that you are also represented.
To find out if you are eligible and if the Foreclosure Fairness Act can help you keep your home, please call 253-284-3838 to set up a consultation with one of our attorneys. We have a special discounted rate for distressed homeowners of only $150.
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