A new program started by Wisconsin’s attorney general, the Milwaukee Foreclosure Mediation Program, will provide over $300,000 to homeowners in Milwaukee who are facing foreclosure. The money that will flow to Milwaukee’s families will come from funds that are the result of a lawsuit settlement against mortgage company Countrywide Financial/Bank of America.
According to Mayor Tom Barrett, the program is a win-win for both financial institutions and homeowners. He stated that the mortgage lenders will be able to get some help with their payments rather than needing to sell the home in a foreclosure sale, which are currently paying about 20 or 30 cents on the dollar. And of course homeowners will be able to benefit as they will be able to remain in their homes as a result of the government funds and grants.
The Marquette University Law School will assist in negotiating the new loans as well as deal terms between both the mortgage companies and homeowners. With seed money from the City of Milwaukee and funding contributed by the federal government and Attorney General Van Hollen, Marquette University Law School is instituting and managing a foreclosure mediation program at the Milwaukee County Courthouse. Click here to read more on the mediation program.
However mediation is not the only options for mortgage help in Milwaukee. A large number of other options and programs exist for the low income, unemployed, and others who need assistance. These are of course in addition to such federal government programs as HAMP and more. Programs administered in Wisconsin include:
National lender Chase has opened a mortgage help center in Milwaukee. This can provide help with applying for Chase mortgage assistance and foreclosure prevention.
Milwaukee has several HUD approved housing counseling agencies that operate in the city. More HUD counseling in Milwaukee.
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