Mortgage Mediation To Launch In Macon County

Posted:

MACON COUNTY-----All new complaints filed for residential mortgage foreclosure in Macon County will become eligible for mediation beginning May 2.

The mediation program is an initiative spearheaded by the Macon County Circuit Court. The University of Illinois College of Law's Community Preservation Clinic assisted.

Foreclosure mediation is done when a neutral mediator helps lenders and borrowers come to a mutual agreement to resolve loan delinquencies. When loan terms cannot be changed, the mediator looks at alternatives to foreclosure with borrowers. Those alternatives include short sales in lieu of foreclosure.

Part of the mediation program includes free legal assistance from the Land of Lincoln Legal Assistance Foundation, Inc. The free assistance is offered at a pre-mediation conference, where the homeowner explores different options either to keep ownership or leave the residence gracefully.

The foreclosure mediation program is designed to reduce the burden of expenses sustained by lenders, borrowers and taxpayers as a result of residential mortgage foreclosures.

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