{"id":159,"date":"2009-07-06T08:59:19","date_gmt":"2009-07-06T12:59:19","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=159"},"modified":"2018-11-20T06:11:35","modified_gmt":"2018-11-20T06:11:35","slug":"foreclosure-mediation-and-other-new-ways-to-encourage-loan-modification","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/foreclosure-mediation-and-other-new-ways-to-encourage-loan-modification\/","title":{"rendered":"Foreclosure mediation and other new ways to encourage loan modification"},"content":{"rendered":"

\"mediation\"As New Yorkers and the rest of America brace for more foreclosures, the loan modification<\/a> option has not helped as much as hoped.\u00a0 As a result, a number of states have been implementing foreclosure mediation programs and other alternative dispute resolution options aimed at nudging more mortgage banks to the negotiating table.<\/p>\n

The Center for American Progress<\/strong><\/a> has published a terrific report on the topic titled It’s Time We Talk:\u00a0 Mandatory Mediation in the Foreclosure Process<\/strong><\/em><\/a>.\u00a0 In the report they examine the 9 states that have implemented foreclosure mediation programs and analyze which state programs are effective, which ones are not effective, and why.<\/p>\n

Loan modification, as I explained in a previous post<\/a>, is where you try to avoid foreclosure by negotiating with your mortgage lender.\u00a0 Maybe you can get the monthyl payments or interest rate reduced.\u00a0 Or perhaps the term extended.\u00a0 Or perhaps a range of other options as well.<\/p>\n

Why have mortgage lenders not been so proactive with loan modifications?\u00a0 It seems that it would be in their interest.\u00a0 With the epic number of foreclosures, you’d think that they’d rather have a homeowner stay in their home and pay a little less rather than go through the costly hassle of foreclosing (which, according to a\u00a0Washington Post article, has become a lengthier process) and then having to re-sell a house in the current real estate market.<\/p>\n

Maybe their internal incentives aren’t aligned properly.\u00a0 Maybe they’re just overwhelmed with the number of foreclosures and loan modification requests.\u00a0 (Most mortgage lenders now do have “loss mitigation programs” in place.)<\/p>\n

For whatever reason, the mortgage lenders have not stepped to the plate as much as hoped, and frankly, as much as our society and economy needs.\u00a0 As a result, states have taken steps to move the process along themselves.\u00a0 The most successful programs, according to the report, are in Pennsylvania and Connecticut, where approximately half of the homeowners who participate in the program have been able to negotiate new loan terms that enable them to keep their homes.\u00a0 Nevada, which suffers from the highest foreclosure rate in the U.S., also just implemented a new program that may be the strongest program of all.<\/p>\n

What about New York?\u00a0 Well, New York seems to be moving towards some sort of foreclosure mediation program as well.\u00a0 Mayor Michael Bloomberg has been urging passage of a bill<\/a> that would help homeowners stay in their homes and avoid foreclosure.\u00a0 (That said, given the current paralysis in Albany, who knows when such relief will actually come?)<\/p>\n

We’ll keep our eye on the progress of a Brooklyn NY foreclosure attorneys<\/a>.\u00a0 In the meantime, if you’re worried about foreclosure in New York and want to learn more about a loan modification.\u00a0 Or if you want a better understanding of all of your New York bankruptcy options, please contact us for a free initial consultation<\/span> and we’ll help explain everything to you in plain English.<\/p>\n","protected":false},"excerpt":{"rendered":"

As New Yorkers and the rest of America brace for more foreclosures, the loan modification option has not helped as much as hoped.\u00a0 As a result, a number of states have been implementing foreclosure mediation programs and other alternative dispute resolution options aimed at nudging more mortgage banks to the negotiating table. The Center for …<\/p>\n

Foreclosure mediation and other new ways to encourage loan modification<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,31,7,10,67,8,12,14],"tags":[2,21,11,68,69,13,51],"acf":[],"yoast_head":"\nForeclosure mediation and other new ways to encourage loan modification<\/title>\n<meta name=\"description\" content=\"As New Yorkers and the 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