Foreclosure Mediation Take 2?
I am grateful to Paul Kirgis (in this post) for restarting the discussion on foreclosure mediation—it is useful to keep revisiting what is working and what is not.
The New York Times article he cites is interesting in a number of ways. First, as Paul notes, it confuses the process of mediation with the underlying applicable law. Mediation—voluntary as in our program or mandatory as in Nevada—occurs in the shadow of HAMP and other regulations and financial realities governing the ability of the parties to make loan modifications.
Second, the article highlights some of the issues with mandatory mediation where, it appears, there are a whole bunch of lenders showing up with little interest, or even ability, to modify the mortgages.