Anyone held a foreclosure mediation yet?

Replies to This Discussion

Permalink Reply by Pamela Deacon-Joyner on September 8, 2011 at 3:10pm

My first will be on 9/23; please let me know how your's went. Case management is going fairly well.

Permalink Reply by John Ferguell on September 9, 2011 at 3:18pm

I have had one scheduled so far and the beneficiary never returned the waiver and did not send in the fee.  I got an email from the borrower's attorney the day before the mediation asking that it be continued and a call from the firm representing the beneficiary basically saying that they did not know what they were doing and wanted it continued as well.  I agreed to reset it out for the following month.

 

I am also wondering what happens if the mediation never happens and one side pays the fee, complies with the statute and the other side does nothing?  Do you return the fee the one side paid?  

Permalink Reply by Jeff Bean on September 9, 2011 at 5:41pm

Not yet, but an agreed extension.

Beneficiary had waited until the very last day before I had to schedule (per 15-day notice requirement) to send in the waiver. In the cover letter "recommended" an extension because they "required" 30 days to review the information borrower provides to consider a modification. Luckily, I had email addresses for all, informed them all they could do it if they agreed, and borrower was happy to.

Borrower could have easily not agreed to extend. Query how Beneficiary will respond when they find they have to work on the statute's timelines and not on the ones they "require?"

Permalink Reply by Laura Eidal on October 8, 2011 at 11:09am

Held my first mediation.  Parties signed a settlement agreement to consider proposals for 14 days,  and to set another date for mediation if needed. I'm treating this as an agreed extension for certification.

Permalink Reply by Jeff Bean on September 9, 2011 at 5:44pm

John, in that situation I'm prepared to determine for my certification whether the side doing nothing has "timely participated in the mediation." And re the fee, as with all things, going back to the statute, the fee is for the "mediation session," which suggests to me that it must be returned if the session doesn't happen.

John Ferguell said:

... I am also wondering what happens if the mediation never happens and one side pays the fee, complies with the statute and the other side does nothing?  Do you return the fee the one side paid?