Foreclosure mediation programs have been gaining popularity in various states. Studies suggest they help people lower their monthly payments to allow people to keep their homes rather than defaulting on payments. Data on their effectiveness is patchy, but figures from some programs suggest they help some people to lower their monthly payments, allowing them to keep their homes and avoid defaulting again. Foreclosure sales are tough on them market by weighing on home prices and having a long, lengthy process. Critics of mediation believe that the housing market would mend more quickly to just clear out foreclosure cases and evict millions of families, but mediation proponents feel that mediation can provide an alternative, less painful route. Full article here.
Massachusetts does have a mediation
program in place. If you are facing dangers of foreclosure, contact the attorneys at Brooks & Crowley and see how we can help you.