Big Demand for a Win-Win Way to Resolve Mortgage Crises
Unfortunately, business is booming when it comes to foreclosure problems in Wisconsin. Fortunately, the Milwaukee Foreclosure Mediation Program is succeeding at helping a growing number of those problems end with people keeping their homes and financial institutions satisfied with new arrangements.
Debra Tuttle, chief mediator for the program, said during a panel discussion at a conference Friday on foreclosure issues in Wisconsin that from July 22, when the program began, through November 4, there were 278 requests for mediation, more than double the number that was anticipated.
Twenty cases have gone through the mediation process, with all but one resulting in the owner keeping the house, she said. More than twenty others have ended with agreement between the owner and lender without the mediation process. And 136 are awaiting mediation.