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The Milwaukee Foreclosure Mediation progra m will bea voluntary, court-basefd independent mediation option for lenders and The program, located at the Milwaukes County Courthouse, will seek to alleviatew the current backlog of foreclosure casee in the county court system by offerinbg the option of mediation to residential homeowners who residse in owner-occupied properties. According to the Law in most cases, successful mediation will serve as a venue to work out new loan a short sale or other solutionj that ismutually agreeable, and execute a final agreement between the parties.
The fundinv includes proceeds from a settlement with which was accused of misrepresentingt the quality and benefits ofits products. Under the announced in February, Countrywide agreed to pay $1.6 millioh for foreclosure relief The mortgage lending giant also agreed to waivse various loan fees and modify loans for customers that coulrd result in a total settlement valueof $41.1 million, according to the Attorney General's office. Beginning May 28, an informational phond line will be operational for those interested in learning more abou tthe program. Interested parties may call 414-288-4040. Mediatio activities will begin afterJuly 1.
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