In compiling the latest statistical report for the eight foreclosure mediation programs funded by the Illinois Attorney General, RSI discovered that, as of last year, the programs helped over 1,000 Illinois homeowners stay in their homes. That’s a tremendous accomplishment and much is owed to the talented program staff that administer these programs, the neutrals who mediate these cases, the housing counselors and legal aid attorneys who advise the homeowners, and the Office of the Attorney General whose belief in the power of mediation made this all possible.
About a quarter of the cases, and 5% of the total foreclosure filings, end in retention. While that might not sound like much, it’s worth bearing in mind that in many instances, there is a significant power imbalance between the homeowner and their lender. That fact makes it quite possible that without the guidance provided by the housing counselors and attorneys, and the channels of dialogue between borrower and lender opened by the program staff and mediators, these homeowners would have very little chance of prevailing in the traditional judicial foreclosure process. Therefore, a retention rate of that magnitude is a tremendous victory. (more…)
