The Dane County Circuit Court Judge recently adopted a rule that will implement a foreclosure mediation program. The law now requires that banks who are foreclosing on a home must notify the homeowners of a program that may help them keep their home. The lender will need to provide a court-approved form that explains the foreclosure mediation program. If a homeowner facing foreclosure requests mediation, and the bank or lender agrees to participate, a formal mediation session will be conducted. The session will be overseen by volunteer mediators from the Dane County Bar Association.
The Dane County Foreclosure Mediation Program helps people who are facing foreclosure. The program provides mediation services to help people work out a plan to keep their home.
Several organizations are working together to provide this option. The University of Wisconsin Law School is managing the program. The Dane County Foreclosure Prevention Taskforce will provide additional support. There are some conditions you must meet to participate in the mediation program, and one of the key requirements is that the home must be owner-occupied. An important requirement for people who want to join and attend a mediation session is that they must first agree to have a meeting with a volunteer housing counselor. The purpose of this meeting is to help ensure that the homeowners have the knowledge and abilities needed to be successful in the long term and to make future monthly payments.
For those who are unfamiliar with mediation, it is a confidential process used to resolve disputes which typically involves negotiation between the parties involved. The mediator will help the lender and homeowner come to an agreement that is fair for both parties. It will focus on the key issues in the case and help people find a solution. They may agree to a different payment plan, a temporary break from payments, or some other type of mortgage solution. The mediator will be sure that both people exchange information and explore all options for some type of settlement. This will help the two people come to an agreement about their situation.
Dane county’s program was based off a program that was created by the Milwaukee Foreclosure Partnership Initiative, the City of Milwaukee, and Marquette University. This program was successful and Dane county wanted to replicate it. The Wisconsin Attorney General’s Office also supports the foreclosure mediation program.
The Dane County Foreclosure Prevention Taskforce is a key participant in fighting foreclosures. This group is working together to find solutions to the foreclosure problem in Dane County. They are providing mediation, prevention, intervention, counseling, and neighborhood stabilization efforts. Making sure the local foreclosure mediation program is a top priority for this year.
To get in touch with Dane Foreclosure Help, email them at [email protected].
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