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

A foreclosure mediation process is a legally mandated process in West Virginia that helps homeowners avoid foreclosure. This process involves the homeowner, their lender, and a mediator who is a neutral third party. The mediator helps facilitate a conversation between the homeowner and their lender to discuss options to avoid foreclosure and to find an acceptable resolution. Through this process, homeowners can work with their lender to find alternative solutions for their financial situation, such as a loan modification, forbearance, or repayment plan. Together, they can also negotiate to find a more affordable payment plan or to extend a loan. This can help homeowners to stay in their homes, keep their credit intact, and often save them from having to go through the costly process of foreclosure. The foreclosure mediation process also provides homeowners with legal protection. The homeowner is not required to accept any offer from the lender, and can withdraw from the process at any time. The process is also confidential, meaning the homeowner’s conversations with their lender cannot be used in court. Foreclosure mediation provides homeowners in West Virginia with the opportunity to avoid foreclosure, as well as to receive legal protection to prevent them from going into deeper debt or facing eviction. By working together with the lender and a mediator, homeowners can work to keep their credit intact and their financial future safe.

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

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