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New York State Foreclosure Mediation Shows Glimmers of Hope in Helping Homeowners

By Implode-Explode Heavy Industries

"ew York State has one of the most aggressive efforts, mandating that homeowners and banks meet regularly under court supervision. The idea is simple: Banks and mortgage servicers have often done a poor job communicating with homeowners, and if the two sides are forced to sit down, there may be fewer foreclosures. Banks can proceed with foreclosure only if the court finds the two sides can't reach a resolution."

Full post as published by Mortgage Lender Implode-o-Meter on November 20, 2010 (boomark / email).