Comments on: What If We Had A Mortgage Mediation Party And Nobody Came? http://www.biggerpockets.com/renewsblog/2009/08/17/mortgage-mediation-party/ Learn, Network, Invest Sat, 11 Feb 2012 01:23:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: David Charleshttp://www.biggerpockets.com/renewsblog/2009/08/17/mortgage-mediation-party/#comment-71516 David Charles Sun, 20 Sep 2009 18:47:41 +0000 http://www.biggerpockets.com/renewsblog/?p=6394#comment-71516 I think you hit the nail on the head in the second half of the article. Borrowers don't want to keep dumping money into an upside down investment. NV, Las Vegas in general is a town built on instant gratification and not long term planning. People bought homes hoping to use their equity like a checking account and then when the opposite happened everyone reversed course and wanted to dump their homes. I worked in Loan Modification for all of a week, before realizing people who could pay still wanted a modification because they just didn't want to continue paying into an upside down property. Anyways- great post- and for anyone curious about other NV mortgage regulations here is a good resource: http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws/620-nevada-mortgage-laws I think you hit the nail on the head in the second half of the article. Borrowers don’t want to keep dumping money into an upside down investment. NV, Las Vegas in general is a town built on instant gratification and not long term planning. People bought homes hoping to use their equity like a checking account and then when the opposite happened everyone reversed course and wanted to dump their homes.
I worked in Loan Modification for all of a week, before realizing people who could pay still wanted a modification because they just didn’t want to continue paying into an upside down property.
Anyways- great post- and for anyone curious about other NV mortgage regulations here is a good resource:
http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws/620-nevada-mortgage-laws

]]> By: Jim Melamedhttp://www.biggerpockets.com/renewsblog/2009/08/17/mortgage-mediation-party/#comment-67794 Jim Melamed Mon, 17 Aug 2009 16:47:42 +0000 http://www.biggerpockets.com/renewsblog/?p=6394#comment-67794 You are correct that mediation is no panacea, still utilization of foreclosure mediation is much greater in CT where they report today 1700 foreclosures avoided. See http://www.hartfordbusiness.com/news9913.htmlStill, mediation requires two parties able to reasonably reach an agreement. If this capacity is lacking on both sides of the table, no measure of mediation can solve this problem.Jim Melamed, CEO Mediate.com You are correct that mediation is no panacea, still utilization of foreclosure mediation is much greater in CT where they report today 1700 foreclosures avoided. See http://www.hartfordbusiness.com/news9913.html

Still, mediation requires two parties able to reasonably reach an agreement. If this capacity is lacking on both sides of the table, no measure of mediation can solve this problem.

Jim Melamed, CEO
Mediate.com

]]> By: Tylerhttp://www.biggerpockets.com/renewsblog/2009/08/17/mortgage-mediation-party/#comment-67793 Tyler Mon, 17 Aug 2009 16:24:20 +0000 http://www.biggerpockets.com/renewsblog/?p=6394#comment-67793 I have heard of other government programs like that. Where they spend millions and millions of dollars that end up going nowhere. Poor planning, poor marketing, poor leadership for those programs.-Tyler I have heard of other government programs like that. Where they spend millions and millions of dollars that end up going nowhere. Poor planning, poor marketing, poor leadership for those programs.

-Tyler

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