For homeowners who are facing a foreclosure, New Jersey has created a mediation program that may help. It is the result of a partnership between the Office of the Attorney General, The Judiciary, Legal Services of New Jersey, the Housing & Mortgage Finance Agency, the Office of the Public Advocate and also the Department of Banking and Insurance. The mediation program provides professional, highly trained lawyers, mortgage and housing counselors, and professional mediators to homeowners facing foreclosure.
Many people would like to understand how mediation can help them. The foreclosure mediation process provides an opportunity for qualified homeowners who are facing a foreclosure filing to receive advice and help from attorneys, housing counselors, and a neutral mediator. These parties all work together to resolve a loan delinquency and provide the homeowner with options. In certain cases all of these services can be provided at no cost to borrowers across New Jersey.
The program’s main goal is to assist homeowners and help them avoid foreclosure by proposing loan workout and payment arrangements that balance the interests of the borrower, lender and banks. The ideal solution would satisfy the needs of all of these different groups.
This is a free program to New Jersey residents. Mediators are ready to encourage every participant and mortgage lender to reach an amicable result that satisfies the obligations and commitments of both parties.
All of the professionals who are involved in the New Jersey mediation program and who may assist you are HUD Certified Housing Counselors. These mortgage counselors will be sensitive to your financial need and situation, and they will and recommend a loan work-out that is affordable to you and that will allow you to stay in your home over the long term.
The program provides legal representation, and attorneys are available to help income-eligible participants through the process. They will review documents, negotiate with the lender and bank, and they will also attend the mediation session. Any type of agreed upon resolution or loan modification will also be documented by these legal professionals.
You will also work with experienced, neutral mediators. As indicated, free mediation is available across New Jersey to homeowners facing foreclosure. The mediator is a key to the process, and they will assist you and the lender and help you reach a voluntary and amicable solution to the foreclosure problem.
Why should you use the foreclosure mediation program? A big reason is that mortgage lenders and banks do not generally want to own houses, especially in the current, weak real estate environment. And mediation is just one more tool to use that can help save a home. As you explore this option be sure to ask about additional foreclosure prevention programs.
Lenders are willing to talk with the homeowner/borrowers about reasonable, practical solutions to bring about mortgage delinquency resolutions, such as modifications and other options.
You can learn more about the program by dialing 1-888-989-5277.
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