Diane Thompson of the National Consumer Law Center made a point that has gone overlooked. She said that you can get much better compliance on loan modifications if you actually fund mediation programs and legal services attorneys. There are mandatory mediation programs up and running in Philadelphia and New York, and they have been far more successful in preventing foreclosures – by about 50%, according to Thompson. It’s just a matter of getting the servicers into these mediation programs instead of hoping they will initiate modifications on their own.
To think about the future of mediation brings so many thoughts to mind as the field continues to grow and evolve. The war stories from mediation practitioners who have been...By Stacy Roberts