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Just Court ADR

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Posts Tagged ‘foreclosure mediation’

Resolution System Institute’s Evening of Firsts

Susan M. Yates, June 2nd, 2014
Susan Yates and Judge Morton Denlow listen to Illinois Attorney General Lisa Madigan

Susan Yates and Judge Morton Denlow listen to Illinois Attorney General Lisa Madigan

Last Wednesday was a great evening for RSI! We held our first-ever “friendraising” event and presented our first-ever RSI Appreciation Award. Our generous friends at the Chicago office of the Skadden Arps law firm kindly hosted a beautiful reception for about 60 people. This was our first reception designed to introduce RSI to new friends in the Chicago corporate and legal world. Attendees included lawyers from some of Chicago’s largest corporations and law firms, judges from the counties where RSI conducts foreclosure mediation programs, and RSI’s own Board and staff members, with a sprinkling of local neutrals, funders and others. The two highlights of the program were remarks by the Illinois Attorney General and the presentation of the RSI Appreciation Award. (more…)

Foreclosure Mediation Programs Reflect and Refine

Shawn Davis, April 22nd, 2014

Foreclosure mediation programs can now be found all over the country. Models vary widely, both in their rules and procedures and in terms of the populations they serve. Most programs were started as a response to the mortgage foreclosure crisis and some programs have been around for a number of years now. While it’s often argued that the worst of the housing crisis is behind us and that foreclosure mediation programs are no longer necessary, new studies are revealing that the need is there, that programs can be effective, and that there are lessons to be learned in terms of how programs can maximize results.

Maine is one state evaluating its foreclosure response and concluding that foreclosure mediation is having a positive impact. (more…)

Yes, It Can Be Done: Ten Program Models, One Online System

Jennifer Shack, March 12th, 2014

When Resolution Systems Institute received a grant from the Illinois Attorney General to develop foreclosure mediation programs across the state, it was our opportunity to practice what we preach. From RSI’s inception, we’ve been telling courts that they need to monitor and evaluate their mediation programs to ensure that they’re providing quality services to those who come to them to resolve disputes. We’ve also been urging them to incorporate the development of a monitoring and evaluation system into their program design process. Too often, courts have decided against doing this, or have settled for a system that collects minimal data, such as number of mediations and number of settlements. The main problem has been lack of staff and money to develop and maintain such a system, as well as, perhaps, a lack of understanding of what it could provide. (more…)

Notable Updates from the World of Foreclosure Mediation

Shawn Davis, August 15th, 2013

There have been some interesting new developments in the arena of foreclosure mediation recently. These developments and rule changes signal that jurisdictions continue to recognize the important role that mediation can play in the housing crisis recovery and that programs are being refined to ensure greater efficacy and efficiency.

First, in the Chicago area, the Chancery Court of Cook County has amended its rules that affect mortgage foreclosure mediation. Effective August 1, 2013, these new procedures are designed to streamline the foreclosure mediation process and make it more effective. For example, parties are now required to exchange and review all documents prior to referral to mediation. Homeowners must submit financial documents and the lender must review them in a timely manner in order for the process to move forward. The goal is that when mediation occurs, both parties have the information they need to make decisions and work toward an outcome. (more…)

Thinking about Mediation’s Role in Mortgage Modification Success Rates

Shawn Davis, August 6th, 2013

On July 24th a report was released by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) that gave an update on the success rates of homeowners participating in the Home Affordable Modification Program (HAMP). HAMP is a federal government program designed to help homeowners impacted by financial hardship by modifying their monthly mortgage payment. For homeowners who are eligible, the modification permanently changes the original terms of the mortgage. The report shows that of 1.2 million homeowners who received a HAMP permanent modification since the beginning of the HAMP program, 26% had redefaulted. Moreover, the more time that had passed since a homeowner had received a HAMP permanent modification, the more likely they were to have redefaulted, with the oldest HAMP modifications from 2009 at a 46% redefault rate. (more…)