Some states, including Delaware, offer information services to homeowners facing imminent foreclosure. Mediation needs the owner (the borrower), the lender, and the impartial broker to find a way to escape foreclosure. While you don’t have a specific outcome while you’re engaged in mediation, you might find a way to stay home or move away from the property.
Mediation is usually an efficient form of dispute resolution. In the foreclosure solution, the borrower and the loan lender negotiate with a neutral broker to resolve the mortgage default.
Mediation helps you contact your lender and discuss a joint agreement to avoid foreclosure. The following steps are taken by the homeowners of Delaware who have been active in the referral program:
Stay at home:
Get the out of your house:
Under Delaware law, most restitution borrowers are responsible for mediation.
Qualifications for participation. If the mortgage is based on one to four units and the borrower’s principal place of residence, the borrower will be automatically referred to a foreclosure settlement.
Please note that mediation does not negate your responsibility to respond (if you wish to reply) to a foreclosure complaint. You may receive information from a local lawyer to respond to a lawsuit or represent you in mediation or seizure. For more information on alternative forfeitures, please contact your HUD Approved Housing agent.