If you are considering entering foreclosure mediation, but aren't sure what to expect, don't worry. You are not alone. This article is intended to help ease your fears and give you more confidence about moving forward by providing some additional insight into how it works.
Most people initially ask about the benefits they can get out of using this form of Alternative Dispute Resolution (ADR) to attempt to resolve foreclosure disputes. The first answer to this is that a neutral third party of your choosing, known as a mediator, will be working with you, instead of a judge. The process can go much more quickly and be less expensive because you can choose an individual with direct experience in real estate or foreclosure. The end goal of foreclosure mediation is a mutual agreement between parties, both of which may be advised by an attorney. A borrower keeping his home is often the best resolution that can come out of ideal situations.
Another benefit of this ADR method is held in a much different forum than litigation. In addition to removing the added tension that a courtroom can hold, there is also less pressure involved because you can devise your own schedule that makes going to mediation sessions easier. Both data and studies back up the positive influence of mediation on specifically resolving foreclosure disputes, which keeps the parties from having to go to court and allows their issue to be resolved much more quickly.
The best time for mediation to occur in any real estate dispute is at the beginning. A filing could be completed even before it gets filed in the local court system. In situations where a foreclosure has gone to the point of sheriff sale, it can still go into mediation. However, as this step can be potentially more difficult, it is advised that parties agree to mediation sooner rather than later. This is specifically true in cases where time is of the essence and parties are seeking alternative routes to resolve the issue.
Being able to design the process yourselves and create a more streamline schedule means that you can use your time more efficiently. You won't even have to deal with the nerves of waiting in between court hearing because these sessions generally do not take very long. Make sure you bring all the necessary documents with you in order to expedite the process. Preparation makes everything go smoothly. You should consult your mediator before the first session in order to know what to expect and what are needed.
A successful mediation of your dispute may mean you get to save not only time, money and energy but also your home.
Met Wilson is a mediator and arbitrator practicing in Portland, Oregon specializing on commercial disputes, claims against broker-dealers, consumer claims, real property disputes, franchise disputes, employee claims, construction claims, contract claims, insurance coverage disputes and business torts. For assistance in any of these areas, please call Met Wilson at 503-972-5090 or visit http://wilsonadr.com/