Foreclosure Mediation Utah
Foreclosure mediation allows homeowners and lenders to sit down together and work out a solution to their problem rather than be forced into foreclosure. In most cases the home can be kept by the homeowner and they can avoid foreclosure by making an agreement with the banker. This is mutually beneficial for the bank and homeowner. The homeowner keeps the home and works out their financial problems and the bank doesn’t generally take a loss on the property and mortgage altogether.
Mediation is ideal in possible foreclosures due to the mutual communication that plays a huge role in successful mediation. Working out the problems between the bank and the homeowner rather than allowing the home and the financial interests of the bank go to waste is the goal of both parties.
Although foreclosure mediation is generally successful there are times when formal litigation must be involved. If mediation fails to resolve the dispute, either one of the parties can take the case to court through formal litigation. This approach can be very time consuming, expensive and messy for both parties. Any case currently going through litigation can still be resolved through mediation as long as both parties agree to resolve the dispute with this approach.
For more information about foreclosure mediation please contact the office of Thomas V Rasmussen (801)484-3000