I’m not sure how many of you are familiar with the story about Judge Votolato, who established a mediation program for homeowners who are facing foreclosure. Under the mediation program the lenders aren’t required to present a borrower with a modification program, but they are expected to work with the borrowers in good faith. This is the best thing that has ever happened, because the homeowners that are out there buried and feeling the desperation need to feel like someone cares. The banks still haven’t done all they can to make things right. While it is true that banks cannot completely change the situation, we are each responsible for doing what we can do. If we know that something is right and we don’t do it, shame on us.
This loss mitigation program was implemented initially in November of 2009, and will hopefully continue as long as is necessary. This housing crisis won’t end right away, or at least within the next few months. It is critical that homeowners become aware of their options so that they can ask for the modification application and go from there. While very homeowners do get approved, it is still in their best interest to investigate and review their options.
-Mayer Dallal
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