What is a foreclosure mediation process and how can it help me?

A foreclosure mediation process is a chance for borrowers and lenders to come together to try to reach an agreement that works for both sides and avoid a foreclosure. In Georgia, borrowers have the right to have the foreclosure process mediated between them and the lender, provided that their loan is a residential mortgage loan. The foreclosure mediation process begins when the borrower contacts their lender and requests mediation. At that point, the lender must provide the borrower with written notice, informing them of their right to mediation and providing information about how to contact a mediator. Once the borrower contacts a mediator, the mediator will work with the lender and the borrower to come up with a mutually beneficial solution. The goal of foreclosure mediation is to help borrowers and lenders reach an agreement that prevents a foreclosure. Mediation often involves coming up with an agreement for a lower monthly payment, a loan modification, or a repayment plan. In some instances, the mediator may be able to negotiate a loan forgiveness or forbearance. In any case, the foreclosure mediation process provides the opportunity for both parties to communicate and work together to come to a mutually beneficial solution. The foreclosure mediation process can be a great help to borrowers in Georgia as it gives them the opportunity to keep their home and avoid the financial burden of a foreclosure. The mediation process can also help lenders save time and resources that may have been used in pursuing a foreclosure. It is important to be aware of the options available and to take advantage of the chance to participate in the foreclosure mediation process.

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What is a foreclosure mediation process and how can it help me?

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