In October 2014, the Connecticut Judicial Branch released an evaluation of its Mortgage Foreclosure Mediation Program. The Connecticut study evaluates six years of foreclosure mediation program data, dating from the program’s inception in 2008. As RSI prepares the first evaluation of Illinois’ six foreclosure mediation incubation programs, the earliest of which began accepting cases in December 2013, it’s interesting to review Connecticut’s data and how the program has evolved over time.
Given Connecticut’s six year history with foreclosure mediation, the report is able to explore how homeowners who participate in the foreclosure mediation program have fared over time. This information is very valuable, since the long term sustainability of mortgage modifications, such as those offered through HAMP, have often been called into question. (more…)
