History
In June of 2008, Supreme Court Justice Moyer challenged and encouraged all of Ohio’s courts with specialized foreclosure dockets to create foreclosure mediation programs. The Northeast Ohio Courts took action and started work on developing programs that would be beneficial to the parties, the Courts and the Counties. Cuyahoga County created a program that became nationally recognized as one of the most successful foreclosure mediation programs in the country. Subsequently, other Northeast Ohio county courts developed mediation programs to assist homeowners with loan modification and other
solutions.
The Process
In counties where mediation is available, cases are typically scheduled first for a pre-mediation conference, followed by a full mediation. As the program has evolved, pre-mediation conferences are generally held by telephone. They are conducted to set guidelines and time frames for submitting documentation by homeowners and lenders. A standard financial package for a property owner will include proof of income, 60 days of bank statements, the two most recent tax returns, a financial worksheet (which varies depending upon the servicer or type of workout being sought), and a hardship letter. Additional documentation is often required and varies on a case by case basis. The mediation process typically takes between two to four months.
The structure of foreclosure mediation does not follow the model of give-and-take negotiation that mediation is commonly understood to be. The objective of foreclosure mediation is to ensure the bank properly reviews all loss mitigation options before completing the foreclosure process. This is done primarily by staying foreclosure cases while they are in mediation. In most cases, foreclosure mediation is not a forum to negotiate what a property owner believes his or her monthly mortgage payment or loan balance should be. An underwater property is an unfortunate component to almost every residential foreclosure. Some property owners are bewildered when a principal reduction is not offered. Settlement options available focus on offering the property owner an affordable monthly payment. This is commonly achieved by extending the loan’s term or by reducing the loan’s interest rate. There are other mediation solutions besides loan modification.
For a list of possible mediation outcomes, click here.
Foreclosure Mediation in Ohio – Protect Your Home with David L. Lash
Facing foreclosure can be overwhelming, but foreclosure mediation in Ohio offers homeowners a vital opportunity to negotiate with lenders and explore alternatives to losing their property. I specialize in guiding clients through the mediation process, helping them secure favorable outcomes.
Foreclosure mediation allows homeowners to discuss options such as loan modifications, repayment plans, or refinancing under the supervision of a neutral third party. My legal expertise ensures that your rights are protected while working towards a resolution that benefits both you and your lender.
Ohio’s foreclosure laws can be complex, making experienced legal representation essential. The Law Office of David L. Lash has years of experience assisting clients with foreclosure mediation in Ohio, helping them navigate legal proceedings with confidence. My goal is to provide personalized legal support and effective strategies to help you keep your home.
If you’re struggling with mortgage payments and need help, contact The Law Office of David L. Lash today. Let us guide you through foreclosure mediation in Ohio and help you find a solution that works for you. Schedule a consultation now to explore your options and protect your future.
