There has been a lot of talk about whether mediation is an effective answer to the foreclosure crisis, but there hasn’t been a lot of information. RSI is trying to rectify that. As one step in understanding the effectiveness of these programs, RSI has pulled together all the publicly available statistics for foreclosure mediation programs in the US in Foreclosure Dispute Resolution by the Numbers. This document visually presents the available data for each program individually and comparatively across all programs.
We’ve provided minimal analysis of the data in the document, with plans of delving in deeper in the near future. The data shows that some programs are doing well. They’re mediating a significant number of foreclosures and helping the majority of participant borrowers retain their homes. Others are not faring quite so well. That’s what the raw data tells us. Why one program would help 2/3 of participant borrowers to retain their homes while another may only help a small minority to do so still needs to be figured out. What can be said is that those programs with strong case management components appear to have high retention rates for participant borrowers. However, a number of variables may be involved in their success.
If you’re involved in a foreclosure mediation program, what has your experience been? What do you think is helping or hindering the program’s success?
Tags: foreclosure mediation, statistics
Anyone involved with foreclosure mediation programs should appreciate what RSI has done to pull together the data from the varied programs with varied information on structure and performance. If one wants to seriously consider setting up a program, or improving an existing program, it is a “must do” to review RSI preliminary report. Thank you.
Any program that requires you to pay upfront fees to help you avoid foreclosure is illegal.