A Foreclosure is a legal process in which a mortgage lender (usually a bank) sues a homeowner to recover the balance of the mortgage after the homeowner has stopped making the mortgage payments.
Not making your mortgage payments can and will likely lead to a lawsuit.
When you are served with a foreclosure lawsuit you get a large pack of papers including a Foreclosure Mediation Certificate. Before you file that document with the Court, you should consult an attorney to determine if you qualify for the Foreclosure Mediation Program.
In order to qualify, the homeowner must live in the property, among other things.
If you qualify and go to mediation, the first session will be what I like to call or text a “meet and greet” – – this is when you will meet with the Mediator and a representative from the bank.
During the first session you will likely talk about how you came to be unable to pay your mortgage and If your circumstances have changed allowing you to pay your mortgage in the future.
At the end of the session you will be given a list of documents that you must gather and deliver to the bank’s representative before the next mediation session.
To learn about the rest of the foreclosure process, please contact Consumer Legal Services, LLC at 203-713-8877 to make an appointment for a free consultation.