Advantages of Foreclosure Mediation Conflict Resolution also called Alternative Dispute Resolution A mediator is somebody who works with both sides in a dispute in an attempt to help them reach an agreement. Win-win occur when each side of a dispute feels they have won. Since both sides benefit from such scenario, any resolutions to the conflict are likely to be accepted voluntarily. Mediator save people money and bring about peace in growing array of situations. What do you need to know about Foreclosure Mediation? Mediation is an alternative method to help parties resolve disputes by agreement with the help of trained mediators. Mediating a Foreclosure action has its advantages. It is fast, inexpensive, and offers a flexibility that more formal processes do not. Home foreclosures impact both the homeowner and the lender. Homeowners do not want to lose their homes and mortgage lenders do not want to be in the real estate business. Why should you Mediate? You can play a major role, with the help of a trained mediator, in deciding the outcome of your individual dilemma. Mediation is a give-and-take process in which the parties work to reach a mutually acceptable resolution to a mutual problem. Resolutions reached through foreclosure mediations are compromises that offer advantages to lenders as well as homeowner. If you have the ability to meet the other party half way, everyone may benefit. Mediation is quick and efficient Proposed Supreme Court Rules limit mediations to four hours and require that mediations be conducted within 90 days of a foreclosure notice being filed. Those same rules also require that all decision makers be present for the mediations. That means, if an agreement is reached, it can be finalized quickly. "A lawyer is not required to be present with you in the mediation process, but each side is welcome to have an attorney represent them. Transparency and Accountability * Measure to prevent and detect fraud, such as documentation and audit requirements, will be central to the program; * Servicers will be required to collect, maintain and transmit records for verification and compliance review, including borrower eligibility, underwriting, incentive payments, property verification, and other documentation; * Freddie Mac will audit compliance. Nature of work Arbitration, mediation, and conciliation - Appropriate Dispute Resolution (ADR) are alternative process that can be used to settle disputes between parties. All ADR hearings are private and confidential, and the process are less formal than a court trial. If no settlement is reached using ADR, any settlements made during the proceedings are inadmissible as evidence in any subsequent litigation. Mediation involves an attempt by the parties to resolve their dispute with the aid of a neutral third party, and generally is used when the parties wish to preserve their relationship. A mediator may offer suggestions, but resolution of the dispute rests with the parties themselves. Many people try to avoid litigation, which can involve lengthy delays, high costs, unwanted publicity, and ill will. |
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FORECLOSURE MEDIATION/DIVORCE/FORENSIC MORTGAGE AUDIT We can help call: 1-888-619-6017/direct line: 775-825-8177 FAX: 775-996-7282 MEMBER OF NATIONAL ASSOCIATION OF CERTIFIED MEDIATORS MEMBER OF AMERICAN BAR ASSOCIATION/WE ARE PROFESSIONALLY INSURED |
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| Predatory Lending: An Overview... For information purposes only and not a legal advice. Predatory lending has become one of the most critical policy issues facing the financial services industry, particularly mortgage lending. Nearly every federal financial services regulatory agency has publicly denounced predatory lending and called for more effective regulation to address it. Legislation has been proposed in Congress and several states to combat predatory lending, and trade associations and individual financial institutions have declared their concerns. Also the Federal Reserve Board has proposed rule to require lenders to report annual percentage rates for all loans, a measure that could help identify predatory lenders. Predatory loans are characterized by excessively high interest rates or fees, and abusive or unnecessary provisions that do not benefit the borrowers, including balloon payments or single premium credit life insurance, large prepayment penalties, and underwriting that ignores a borrower's repayment ability. Predatory lenders use sophisticated technology and numerous sources of publicly available data to identify potential customers. They market their products to customers to identify as financially unsophisticated or vulnerable, and therefore most likely to accept highly unfavorable loan terms. In particular, predatory lenders look for people with limited education who are not adept in financial matters and lack of the financial sophistication to scrutinize loans. Such lenders often prey on households that have limited incomes but significant equity in their homes. The second characteristic of a predatory loan is the set of abusive terms it contains. Predatory loan terms are structured to extract the greatest possible return to the lender. For equity stripping purposes, they are so routinely designed to preclude a borrower's ability to repay the loan. The loan itself may be unnecessarily large, even in excess of a 100 percent loan-to-value ratio. Negative Amortization loans are structured so that interest is not amortized over the life of the loan and the monthly payment is insufficient to pay off the accrued interest. The principal balance therefore increases each month and, at the end of the term, the borrower may owe more than the originally borrowed amount. ability to repay or structuring loans with payments Initiating loans without considering the borrower's ability to repay or structuring loans with payments that a borrower cannot afford can effectively strip the equity from a homeowner. And encouraging borrowers to consolidate consumer debts into a home equity loan with a higher interest rate than the underlying consumer credit debt-thereby also increasing the size of the loan-is a standard predatory lending practice. Other fraudulent behavior includes adding cosigners whom the lender knows have no intention of contributing to the payments, forging loan documents, and using abusive and high-pressure collection practices, such as harassing phone calls, letters, and threats. The combination of abusive loan terms and aggressive and fraudulent lender behavior that characterizes predatory lending illustrates how a loan can financially destroy an individual even in instances in which the loan's interest rate may not be alarming high. For example, steering minority households to the subprime market on the basis of race/ethnicity, rather than because of a demonstrated inability to properly manage credit, may be a violaton of the Fair Housing Act and Equal Credit Opportunity Act-although it is not necessarily an act of "predatory lending." |
Testimonials ...
My experience with First Filam Mediation
was great. My papers were processed
after few months, and my demand was
achieved according to my requests. I
would recommend First Filam with my
friends and family,,,Sherry Frias
I would highly recommend Filam Mediation,
they are very efficient and would not take
"no" for an answer. They have helped us
from the beginning of our transaction up
to the end. Way to go... Sammy and
Loida Gillo.
I don't know where to go, I tried calling
First Filam Mediation and wow! very
impressive service and very diligent every
step of the way. Go go go,,, Joanne
Chaffey.
During the highlights of our financial
crises, First Filam Mediation was there for
us. They volunteered "free of charge" to
mediate with our mortgage bank in order
to save our condominium. They help us
saved our property and we were able to
modify the loan. We are truly grateful to
their assistance. We will not hesitate to
recommend First Filam Mediation to
anyone who needs help. "Nelly and Fred
Reyes"
My experience with First Filam Mediation
was great. My papers were processed
after few months, and my demand was
achieved according to my requests. I
would recommend First Filam with my
friends and family,,,Sherry Frias
I would highly recommend Filam Mediation,
they are very efficient and would not take
"no" for an answer. They have helped us
from the beginning of our transaction up
to the end. Way to go... Sammy and
Loida Gillo.
I don't know where to go, I tried calling
First Filam Mediation and wow! very
impressive service and very diligent every
step of the way. Go go go,,, Joanne
Chaffey.
During the highlights of our financial
crises, First Filam Mediation was there for
us. They volunteered "free of charge" to
mediate with our mortgage bank in order
to save our condominium. They help us
saved our property and we were able to
modify the loan. We are truly grateful to
their assistance. We will not hesitate to
recommend First Filam Mediation to
anyone who needs help. "Nelly and Fred
Reyes"