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Foreclosure Mediations--Can They Make a Difference?

By Geoff Walsh

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

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