New York State Foreclosure Mediation Shows Glimmers of
Hope in Helping Homeowners
by Karen Weise
With foreclosures at close to record highs, local and state governments around the country have tried to intervene to both make sure banks aren’t taking shortcuts and to help keep people in their homes.
New 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. (mais…)