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Delaware Residential Mortgage Foreclosure Mediation Program

The state of Delaware has created a new mortgage and foreclosure assistance program. The assistance program creates a process that allows homeowners the ability to go to a court mediation process. The underlying goal of the Residential Mortgage Mediation Program is to help the homeowner prevent a foreclosure and to keep their home. The homeowner will meet with a counselor and their bank or lender in order to find a mutually agreeable alternative to a foreclosure action that will help both the homeowner and lender.

The Delaware residential mortgage foreclosure mediation program, which has the full backing of the court and legal process, has actually been adopted by the Court as it represents the work of both homeowners and lenders. This program, which includes housing and mortgage counselors, gives homeowners the ability, and an opportunity, to negotiate an alternative to the foreclosure process. It also does not affect substantially the rights of lenders, so banks are more than willing to participate. They also need need to participate as well.

How does the Delaware Residential Mortgage Foreclosure Mediation Program help?

This is a plan really takes advantage of the counselors out there. The Residential Mortgage Foreclosure Mediation Program gives homeowners that are not current with their mortgage payments the opportunity to meet with a U.S. Department of Housing and Urban Development (HUD) certified housing counselor. They have the right to request mediation with their lender under the guidance of Delaware Volunteer Legal Services. This in itself will slow down the foreclosure process. During this process the homeowners will work with the housing counselor to create a good faith proposal that will allow them to reasonably sustain making monthly mortgage payments, including any taxes, insurance, fees, and interest that is associated with that mortgage.

 

 

 

 

After this proposal has been created and finalized, it will be provided to the banks and mortgage lenders, which will then create a connection between the housing counselor, homeowner, and the lender. This proposal is key, as before and during the mediation session the document will give all parties the best chance to both negotiate and come to an agreement, with the goal of stopping the foreclosure process. This assistance program is truly about exchanging information between the lender and homeowner, and facilitating mediation and making connections to allow the best-case resolution to come to fruition, so that both the lender and homeowner benefit. Click here to read more about mortgage counselors.

If you need mortgage help and a way to stop a foreclosure filing, homeowners that are facing a foreclosure should look for the program information that will be included with the notice of the foreclosure filing and the homeowner should promptly schedule an appointment with a housing counselor to begin the mediation process.

 

 

 

 

 

By Jon McNamara

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