The state of Iowa created a voluntary foreclosure mediation program back in 2007. Homeowners who are behind on their mortgage payments, or facing a foreclosure, and who request mediation will be put in contact with Iowa Mediation Services (IMS). This organization has partnered with the state Attorney General’s Office to offer foreclosure mediation services for Iowa families who are struggling with their mortgage or who are facing a foreclosure. Iowa Mediation Services worked closely with the state’s Attorney General’s Office to establish the Iowa foreclosure mediation program.
The program put in place a process that will enable borrowers, lenders, and banks that deal with mortgage, refinancing, and foreclosure concerns to request meditation services. Iowa Mediation Service is a non-profit organization that was established in 1985. They have offices located throughout the state, including in West Des Moines, Creston, Spencer, Mason City, and Cedar Rapids Iowa.
Mediation is a process in which the various parties, including the lender and the homeowner, will meet with a neutral third party mediator and together they will try to come up with a win/win solution to the foreclosure filing or to the mortgage problem. It will be win/win for both the lender and the homeowner. Mediation services will be offered to any borrowers and lender who wishes to participate. The program is currently voluntary. Find additional mortgage programs.
The resources at your disposal are extensive. Iowa Mediation Services provides numerous services to homeowners throughout the state. IMS will act as a neutral third party, and they will work directly with you and your lender to find a long-term solution to your housing situation. The state of Iowa encourages homeowners to ask for mortgage help if they are in default or if they are facing a foreclosure. You should also reach out for assistance if you think that you can’t afford new higher payments on your loan when an adjustable rate moves up.
The goal of the foreclosure mediation process is to find solutions to your problems, and not to lay blame. To assist you during the process, IMS may decide that it is best for them to work directly with your loan servicer. What is often discovered is that many borrowers are surprised to learn that their loan servicer, bank, or lender is also eager to resolve mortgage issues and find a solution that works for all parties.
Iowa Mediation Service will review your situation, and they take information from borrowers and then explore if a loan modification might be the best solution that works for both the lender and the borrower.
Contact Iowa Mediation Service 515.331.8081 to learn more about the Iowa Foreclosure Mediation Program.
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