$$$$ for foreclosure mediation

ADRworld reports that: “In an effort to address the growing housing foreclosure crisis, New Jersey Gov. Jon Corzine (D) recently signed legislation appropriating over $12 million for state agencies to use in providing mediation services to homeowners facing foreclosure proceedings.”

I know that Ohio has also been actively promoting the use of mediation to help resolve the foreclosure crisis. Any other states? It seems logical to use an ADR method to help work out a compromise between borrowers and lenders. Certainly better than pushing homeowners out of their homes during a recession. Good job, New Jersey!

2 thoughts on “$$$$ for foreclosure mediation”

  1. Philadelphia does have a mortgage foreclosure mediation program, and it’s been pretty successful so far (http://www.reuters.com/article/gc03/idUSTRE48P58I20080926).

    Connecticut also has a statewide mediation program for foreclosures. A county court in Florida just launched one as well. You can find more information about those programs, and the Ohio and New Jersey ones, in the July and November editions of Resolution Systems Institute’s e-newsletter, Court ADR Connection (archived here: http://aboutrsi.org/courtADR-connection.php).

  2. Milwaukee, WI is looking at integrating mediation into their foreclosure procedure. The exciting part will be the opportunity for Marquette University’s law students to volunteer with the process.

    There is a posting on Marquette’s blog: http://law.marquette.edu/facultyblog/2008/12/10/responding-to-the-foreclosure-crisis-in-milwaukee/
    for more information on the collaboration between Marquette University and the City of Milwaukee

    I believe either Philadelphia and/or Detroit is also using mediation with foreclosures.

    As far as the New Jersey project is concerned, I hope the money is from the federal government’s banking bailout package as opposed to further burdening the taxpayers.

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