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Foreclosure Mediations--Can They Make a Difference?
With the foreclosure crisis showing few signs of abating, loan modification would seem to offer benefits both to homeowners, by helping them stay in their homes, and to mortgage holders, by minimizing the losses they incur. Moreover, federal guidelines under the Home Affordable Modification Program (HAMP) require loan servicers to modify the loans of homeowners who qualify under an objective test. However, servicers continue to resist workable loan modifications. Some state and local governments are turning to mandatory mediation to compel servicers’ compliance with HAMP requirements.
Copies of this article are available for individual purchase online for $15 apiece.
Related Articles
- Maeve Elise Brown and Lisa Sitkin, Defending Post-Foreclosure Evictions (July-Aug. 2009)
- David Super, Defending Mortgage Foreclosures: Seeking a Role for Equity (July-Aug. 2009)
- Mark Ireland, Foreclosure Defense: Understanding TILA Basics Is Essential (May-June 2009)
- Antonio Hicks, Strength in Numbers: Legal Advocates and Community Organizers Partner to Fight Foreclosures (May-June 2009)
- Lawrence R. McDonough, Minnesota Tenants Gain More Rights in Foreclosure Through Legislative Task Force Collaboration (March-April 2009)
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