Comments on: Foreclosure Mediation http://www.biggerpockets.com/renewsblog/2009/08/28/foreclosure-mediation/ Learn, Network, Invest Sat, 11 Feb 2012 01:23:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jim Stouthttp://www.biggerpockets.com/renewsblog/2009/08/28/foreclosure-mediation/#comment-72069 Jim Stout Wed, 23 Sep 2009 21:41:26 +0000 http://www.biggerpockets.com/renewsblog/?p=6676#comment-72069 Here is a study by the National Consumer Law Center showing that the foreclosure medaition programs are not working very well http://tinyurl.com/lge2mk Here is a study by the National Consumer Law Center showing that the foreclosure medaition programs are not working very well http://tinyurl.com/lge2mk

]]> By: Kevin Simpsonhttp://www.biggerpockets.com/renewsblog/2009/08/28/foreclosure-mediation/#comment-68471 Kevin Simpson Mon, 31 Aug 2009 19:00:35 +0000 http://www.biggerpockets.com/renewsblog/?p=6676#comment-68471 I agree that investor should be included in mediation. As you said, they save the day putting their money into properties in foreclosure, shaking the market and doing business. They're part of this! I agree that investor should be included in mediation. As you said, they save the day putting their money into properties in foreclosure, shaking the market and doing business. They’re part of this!

]]> By: Wes Toolhttp://www.biggerpockets.com/renewsblog/2009/08/28/foreclosure-mediation/#comment-68257 Wes Tool Sat, 29 Aug 2009 15:08:24 +0000 http://www.biggerpockets.com/renewsblog/?p=6676#comment-68257 Mediation, wow what a concept! It sounds great, however only time will tell how successful it will be. I work for a small law firm in Las Vegas and the attorney, Monica Centeno actually sees the clients live and in person. She really cares about the clients. She will not take a modification case if she thinks the client will not get a modification. How does she know? She has over seven years of mortgage experience working with lenders. She knows how they think, what guidelines they have to follow, what the secondary market is all about, and she is hands on. Since I'm one of the staff I get to see first hand how difficult it is to work with the lenders. Many of the call centers are out of the US and the people working in the call center have no clue what a mortgage is or how a mortgage works. Throw in the word mediation and now they are really lost. The hold times to talk with a live person are frequently over an hour. Then when a live person from the bank does come on the phone they usually have no power and could care less that an attorney is representing the borrower. Then the battle begins. It may take 10 or more calls each call taking upwards of an hour just to get someone at the bank to recognize that the borrower is indeed applying for a modification. Many times a modification agreement is in the works and the house may still be headed for foreclosure. In fact the banks attorneys will not attempt to postpone the foreclosure sale until the day before or day of the sale, even when they know a modification agreement is in place.So with everything I that said above and that’s only the tip of the iceberg will modifications work in Nevada? Will the lenders actually send a representative to mediation with authority to alter the terms of a mortgage? I seriously doubt it. If they do and you are a borrower thinking about modification I strongly suggest that you take a competent attorney with you to mediation. Make sure that they have a Nevada bar number and that you can actually meet with them for a free consultation before retaining them. If you don’t know of competent attorney interview several. Call our office and meet with Monica Centeno. I know first hand that she knows what she is talking about she is not a dabbler loan modification and foreclosure defense is her primary business. The consultation is free 702-966-5660. Vist our website at www.monicacentenolaw.com Mediation, wow what a concept! It sounds great, however only time will tell how successful it will be. I work for a small law firm in Las Vegas and the attorney, Monica Centeno actually sees the clients live and in person. She really cares about the clients. She will not take a modification case if she thinks the client will not get a modification. How does she know? She has over seven years of mortgage experience working with lenders. She knows how they think, what guidelines they have to follow, what the secondary market is all about, and she is hands on. Since I’m one of the staff I get to see first hand how difficult it is to work with the lenders. Many of the call centers are out of the US and the people working in the call center have no clue what a mortgage is or how a mortgage works. Throw in the word mediation and now they are really lost. The hold times to talk with a live person are frequently over an hour. Then when a live person from the bank does come on the phone they usually have no power and could care less that an attorney is representing the borrower. Then the battle begins. It may take 10 or more calls each call taking upwards of an hour just to get someone at the bank to recognize that the borrower is indeed applying for a modification. Many times a modification agreement is in the works and the house may still be headed for foreclosure. In fact the banks attorneys will not attempt to postpone the foreclosure sale until the day before or day of the sale, even when they know a modification agreement is in place.

So with everything I that said above and that’s only the tip of the iceberg will modifications work in Nevada? Will the lenders actually send a representative to mediation with authority to alter the terms of a mortgage? I seriously doubt it. If they do and you are a borrower thinking about modification I strongly suggest that you take a competent attorney with you to mediation. Make sure that they have a Nevada bar number and that you can actually meet with them for a free consultation before retaining them. If you don’t know of competent attorney interview several. Call our office and meet with Monica Centeno. I know first hand that she knows what she is talking about she is not a dabbler loan modification and foreclosure defense is her primary business. The consultation is free 702-966-5660. Vist our website at http://www.monicacentenolaw.com

]]> By: Ralph D Bredahlhttp://www.biggerpockets.com/renewsblog/2009/08/28/foreclosure-mediation/#comment-68255 Ralph D Bredahl Sat, 29 Aug 2009 14:23:51 +0000 http://www.biggerpockets.com/renewsblog/?p=6676#comment-68255 Be interesting to follow and see how it works (or doesn't) Be interesting to follow and see how it works (or doesn’t)

]]> By: Bridget Magnus » Friday Figures for 8/28/2009http://www.biggerpockets.com/renewsblog/2009/08/28/foreclosure-mediation/#comment-68221 Bridget Magnus » Friday Figures for 8/28/2009 Fri, 28 Aug 2009 17:32:58 +0000 http://www.biggerpockets.com/renewsblog/?p=6676#comment-68221 [...] the $25 million grant for our schools will create any jobs (teaching assistants, perhaps?).  An important test of our new foreclosure mediation law is coming up in a few weeks. I will be interested in seeing if it in fact works out according to [...] [...] the $25 million grant for our schools will create any jobs (teaching assistants, perhaps?).  An important test of our new foreclosure mediation law is coming up in a few weeks. I will be interested in seeing if it in fact works out according to [...]

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