Maine foreclosure assistance and mediation programs.

Maine has come up with a plan that will hopefully stop foreclosures from happening as often. The Foreclosure Diversion Program offers borrowers and lenders the opportunity to participate in a court-sponsored mediation session at the beginning of the foreclosure process. This early intervention may help to avoid foreclosure. The program was designed to help a homeowner keep their home and avoid foreclosure. The ultimate goal is to find a solution that works for both the borrower and the lender, keeping the family in the home.

How does the Maine Foreclosure Diversion Program work?

The foreclosure process will begin after a complaint has been filed by the homeowner’s bank or mortgage servicer. The homeowner will be automatically referred to the program for assistance if they receive a notice and respond to the complaint.

There are some requirements that must be met in order to receive assistance. This program helps people who are struggling to keep their homes because they are facing foreclosure. The program provides resources and assistance so that the person can keep their home. This situation will not be helpful for investors or people who bought property for investment purposes. The property must be the homeowner’s primary residence and have four or fewer units.

How does someone sign up?

A foreclosure case is automatically eligible for the mediation process when the homeowner files an appearance, answer, or if they request mediation within 20 days of being served with the foreclosure summons. The time frame starts when they receive a complaint from the lender and the local court system.

Quick Read :  Catholic Charity assistance programs Idaho Falls and Bonneville County.

The borrower will receive an order telling them when and where the foreclosure mediation session will be held. This document is sent to them directly from the court system.

Information on the Mediation Session

The following are some of the details. The homeowner will need to attend a meeting where they will learn more about the Maine Diversion program. They will learn about foreclosures and various services and resources that can help them, including how to get government mortgage help. The homeowner may be able to meet with local community resources for individualized assistance.

The lender and homeowner will need to share financial information with each other. After the mediator has talked with both parties and understands the situation, they will help the parties come to an agreement After this occurs, all the parties will come together with a neutral third party, which is the trained mediator. After the mediator has talked with both parties and understands the situation, they will help the parties come to an agreement. The mediator will try to come up with a plan that both sides agree to, even though the agreement is not required. Some of the solutions to being unable to pay your mortgage may include modifying the loan, extending the payment terms, or finding another source of income. The homeowner has the right to ask questions of the lender, and if the questions are not answered to the homeowner’s satisfaction, the homeowner can pursue the issue further with the help of a mediator.

The mediation session will usually take place at the local courthouse. However, mediation can also be scheduled at other locations if all the parties involved agree to it. A key advantage of the program is that individuals can participate without needing to hire a lawyer, which can help reduce costs. To learn more about the Maine Diversion program, contact the program director at (207) 822-0706 or click here.

Quick Read :  Assistance from Black Hills Energy (formerly Source Gas in Arkansas)

What are the chances of success?

The program was tested in York County. Almost 70% of foreclosure cases were resolved and a solution was agreed upon through mediation and negotiation, according to the judge who oversaw the program during the trial phase. It’s been going great!

Leave a Reply