What is a foreclosure mediation program?

A foreclosure mediation program is a type of program offered in North Carolina that helps homeowners in foreclosure to work out an agreement with their mortgage lender in order to save their home. The program provides homeowners with mediation services and resources in an attempt to avoid foreclosure. The program begins with the homeowner requesting a mediation session with their mortgage lender. A mediator is then assigned to help the homeowner and the lender come to an agreement. Both parties must come to the mediation session with an understanding of their rights and obligations. During the session, the mediator helps guide the discussion and helps the parties come to a resolution that is satisfactory to both parties. The mediation session provides homeowners with an opportunity to negotiate debt relief and other terms with their lender. The mediator can advise the homeowner on what options are available to them and can even help them understand their rights under the law. The goal of the mediation session is to come to an agreement that avoids foreclosure and provides a workable solution for both parties. If the parties are able to come to a resolution, the homeowner is then given a period of time to make payments on the new agreement in order to stop the foreclosure process and keep their home. The mediation program has been successful in helping countless homeowners avoid foreclosure and keep their homes.

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