Get foreclosure mediation in Madison County Illinois

Another tool Madison County Illinois residents can use to stop a foreclosure is the Madison/Bond County Residential Mortgage Foreclosure Mediation Program. The program was created to help people who are on the brink of foreclosure, or who are now in the process. The program is targeted at people who want to avoid the foreclosure of their homes and have some type of financial means to make some form of monthly payments on their home loan. Mediation ensures that the lender and homeowner communicate, with a neutral third party, to find any solution that works for all involved parties. The solution will be voluntary and needs to be a mutual agreement between the borrower and lender.

As with all programs, there are conditions that need to be met in order to be eligible. You need to request a mediation session within 30 days of receiving the foreclosure notice. The homeowner needs to have some sort of income to make some form of monthly mortgage payment. The home in question also needs to be your primary residence. After the Madison County resident receives the foreclosure notice from the court, they need to complete the questionnaire, provide their financial information and apply as quickly as possible.

After applying, your request for foreclosure mediation will be reviewed by the administrator for Will County. They will contact you in you qualify for the service. But you will get a reply either way...whether you qualify or don’t qualify.

If you are eligible, a pre-mediation conference will be scheduled between you, your mortgage servicer/lender and the neutral third party.