Information about the foreclosure mediation process
If you’re considering participating in foreclosure mediation, but aren’t sure what to expect, don’t worry. You are not alone. This article is intended to help ease your fears and give you more confidence to move forward by giving you additional information on how it works.
Most people initially ask about the benefits they can get from using this Alternative Dispute Resolution (ADR) form to try to resolve foreclosure disputes. The first response to this is that a neutral third party of your choosing, known as a mediator, will work with you, rather than a judge. The process can be much faster and less expensive because you can choose someone with direct real estate or foreclosure experience. The ultimate goal of foreclosure mediation is a mutual agreement between the parties, which may be advised by an attorney. A borrower keeping your home is often the best resolution that can emerge from ideal situations.
Another benefit of this ADR method is that it takes place in a very different forum than litigation. In addition to eliminating the extra stress that a courtroom can contain, there is also less pressure involved because you can schedule your own hours to make it easier to go to mediation sessions. Both data and studies support the positive influence of mediation in the actual resolution of foreclosure disputes, which saves the parties from having to go to court and allows their matter to be resolved much faster.
The best time for mediation to occur in any real estate dispute is early on. A filing could be completed before it is even filed in the local court system. In situations where a foreclosure has reached the point of judicial sale, you can still proceed to mediation. However, since this step can potentially be more difficult, it is recommended that the parties agree to mediation as soon as possible. This is especially true in cases where time is of the essence and the parties seek alternative routes to resolve the issue.
Being able to design the process yourself and create a more streamlined schedule means you can use your time more efficiently. You won’t even have to deal with the nerves of waiting between court hearings because these sessions usually don’t take very long. Be sure to bring all the necessary documents with you to expedite the process. Preparation makes everything go well. You should check with your mediator before the first session to find out what to expect and what is needed.
A successful mediation of your dispute can mean that you can save not only time, money and energy, but also your home.