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…)