In the continuing effort to reduce foreclosures some states are turning to mediation and others are suggesting mandatory mediation.
JMO:
I think this is a great idea.
1. it brings opens discussion between the lender and homeowner which has been lacking thus far
2. It could be a deterrent for those homesowners that are choosing to walk away even though they have the ability to maintain their contractual obligation
3. It creates a forum for the lender to address the true, current market valuation of the property.
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