More Jurisdictions Opting For FC Mediation

Posted by Orb Staff on June 30, 2010 No Comments
Categories : Mortgage Servicing

mber of jurisdictions with foreclosure mediation programs is nearly double the number a year ago, reports the Center for American Progress (CAP), a Washington, D.C.-based think tank. Jurisdictions in 21 states are now offering foreclosure mediation or negotiation programs – up from 11 this time last year, says Alon Cohen and Andrew Jakabovics, two housing analysts with the CAP and authors of a new report titled, ‘[link=http://www.americanprogress.org/issues/2010/06/pdf/foreclosure_mediation.pdf]Now We're Talking[/link].’ Cohen and Jakabovics expect the list to continue to grow as legislation already introduced in additional states becomes law. Based on its analysis of existing programs, the CAP says optimal programs are those in which the first mediation session is automatically scheduled by the state once the mortgage servicer initiates the foreclosure process. CAP housing analysts recommend that states with ‘opt in’ mediation programs, which require the homeowner to ask for mediation services, should evolve to automatically scheduled mediation, saying such changes would promote greater participation. The CAP also pushes states with mature pilot programs in selected jurisdictions to formalize the programs statewide. For more information on mediation programs, check out the following articles: [list]'[link=http://mortgageorb.com/e107_plugins/content/content.php?content.4230]Weighing The Pros And Cons Of Foreclosure Mediation[/link],’ by John Clapp*'[link=http://mortgageorb.com/e107_plugins/content/content.php?content.5822]Mediation Arrives In Maryland[/link],’ by Ronald Deutsch*'[link=http://mortgageorb.com/e107_plugins/content/content.php?content.6039]What May Lie Ahead With Nevada's FMP[/link],’ by Juliana Hofsommer*'[link=http://mortgageorb.com/e107_plugins/content/content.php?content.6144]As Mediations Take Hold, Servicers Seek To Improve The Process[/link],’ by Donna M. Case-Rossato[/list] SOURCE: [link=http://www.americanprogress.org]Center for American Progress

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