SALEM, MA – An advisory committee for Massachusetts’ foreclosure mediation program was scheduled to meet today in Salem to discuss the program and address issues that have yet to be resolved.
The state launched a new foreclosure mediation program in July offering distressed homeowners the chance to meet face-to-face with their lender and a neutral third party mediator to discuss alternatives to property seizure. According to the Department of Justice, roughly 1,500 homeowners were expected to qualify for mediation each month. However, an increasing number of lenders are processing foreclosures through the court system, which has allowed them to evade mediation requirements.
The committee, appointed by Attorney General Ellen Rosenblum, is comprised of state officials, legal organizations and consumer advocates.
The economy has taken its toll on many mortgagors since 2008. Unfortunately, while some homeowners may in fact qualify for foreclosure relief, not all lenders are keen on offering assistance. If you have received a foreclosure notice or are behind on your mortgage payments, don’t fret because help is available right now to prevent your home from being seized. All you have to do is turn to an experienced foreclosure attorney near you to file a case and determine your options.
Foreclosure attorneys review your financial situation to determine an alternative plan to repossession that will work for both you and your lender. Some ideas include mortgage modification, refinancing or even a temporary halt in payments. Whether you owe a few thousand or a few million on your home loan, you can rest assured your case will end with the best possible outcome when you have a top attorney on your side.