Miscellaneous 

What is Mediation mortgage?

Leia Doyle

What is Mediation mortgage?

Mediation is when the borrower and the lender sit down with a court-ordered mediator, a third party, to look at options. “In essence it allows the borrower and his/her attorney to confront a representative of the lender and attempt to start a dialogue.

What is foreclosure mediation CT?

Judicial Branch. Foreclosure Mediation Program. The Foreclosure Mediation Program was established pursuant to P.A. 08-176 and its purpose is to assist homeowners and lenders achieve a mutually agreeable resolution to a mortgage foreclosure action through the mediation process.

How long does foreclosure mediation take in CT?

If you are in foreclosure because you are behind on your mortgage, you will have to meet with a mediator. Mediation is automatically scheduled if your case qualifies for it, and it can take up to 7 months (or longer if you ask for an extension). You should talk to a housing counselor or a lawyer before you go.

Can an attorney stop a foreclosure?

There are dozens of strategies and tactics an experienced attorney can use to postpone foreclosure. And if the court accepts your attorney’s argument, you may receive the option of a settlement or even have your lawsuit dismissed entirely.

How do you stall a foreclosure?

You can stop a foreclosure in its tracks—at least for a while—by filing for bankruptcy. Filing for Chapter 7 bankruptcy will stall a foreclosure, but usually only temporarily. You can use Chapter 7 bankruptcy to save your home if you’re current on the loan and you don’t have much equity.

What is loss mitigation mortgage?

Loss mitigation refers to the steps mortgage servicers take to work with a mortgage borrower to avoid foreclosure . Loss mitigation options may include deed-in-lieu of foreclosure, forbearance, repayment plan, short sale, or a loan modification.

Can I keep my house in loss mitigation?

Certain loss-mitigation options may help you stay in your home. Other options may help you leave your home without going through foreclosure. Loss mitigation options may include deed-in-lieu of foreclosure, forbearance, repayment plan, short sale, or a loan modification.