Peoria County foreclosure mediation.
The Peoria County Mandatory Residential Mortgagee Foreclosure Mediation Program is required for homeowners who are behind on their mortgage, and it is available across Peoria County Illinois. It may be able to prevent a foreclosure of someone’s home, and provide them the ability to get back on track with paying their mortgage.
This program was created in 2011, and since then hundreds of homeowners have taken advantage of it in order to get back on track and current with their home loans. The details of the foreclosure mediation program are below.
If a foreclosure is filed in the county, the homeowner needs to be automatically scheduled for a pre-mediation conference. This needs to occur within 60 days of the original notice. Details on the program and how it works must also need to be provided to the borrower. Borrowers will need to receive a form from the court and/or lender explaining how the mandatory foreclosure mediation program works in Peoria County.
The form will provide details and background on the mediation process, and it will list documents the borrower should bring to the conference. At the pre-mediation conference, which the lender or mortgage servicer does not attend, the neutral, third party mediator reviews the homeowner’s documents and financial situation. They will evaluate the entire case, and decide whether the borrower might qualify for a government mortgage program, a loan modification or some other form of resolution. Find a listing of private and government mortgage programs. Learn more.
After this review and consultation with the borrower, if the court mediator determines the borrower may qualify for further assistance, the mediator will then schedule the homeowner for a free mediation session within 30 days. This session will involve the mediator, the homeowner, and a lender’s representative.
The Peoria County mediator will be an attorney, or former judge or a HUD approved counselor with at least five years of real estate experience, and this individual will oversee this first meeting. Failure of any party (whether homeowner or borrower) to attend or to participate in good faith in the mediation session will result in sanctions by the court, including possible dismissal of the foreclosure filing.
Mediators will always need to be former judges or attorneys who are trained in the process and who have practiced in the real estate area for at least five years. Once someone is involved in mediating cases, the attorneys may not practice in the area of law again. Mediators are paid $150 per case by Peoria County.
Housing Counselors can also be involved, and information on local resources will be included in the notice of mediation scheduled. However the borrower is not required to see a housing counselor before the mediation session begins.
During the course of this review, if the borrower does not qualify for additional support, the mediator will assist the lender and homeowner in discussing a consent foreclosure in which the lender will waive any deficiency. If no agreement is reached during the cross of this process, the foreclosure resumes.