SAN DIEGO FORECLOSURE DEFENSE LAWYERS
Federal, state, and local agencies have initiated intervention programs to help resolve the foreclosure crisis around the country. As one of these measures, the state of California has made the mediation program between lenders and borrowers a mandatory process. Under California law, this legal mandate ensures that borrowers and lenders meet to negotiate a settlement and might even make foreclosure unnecessary. In a settlement conference, the two parties may make new arrangements such as modify an existing loan's interest rates, length, type, waive fees, or some other mutually agreed upon alternative. During the settlement conference, your financial situation will be reviewed and evaluated. This evaluation will include taking a look at your income, expenses and your current assets. A settlement will be based on your ability to make your current loans or be adjusted to a new loan payment arrangement. Other factors involved will include the type of mortgage you have, how overdue your payments are, and other relevant facts. Solutions mediated may include forbearance agreements involving temporary reductions or suspensions of required payments, repayment plans, short sales, or modifications of loan terms.
Contact a San Diego foreclosure defense lawyer at the firm for skilled legal assistance with a mandatory modification mediation session with your lender today.