Steps Must Be Taken for Funding Mediation and Legal Services for Foreclosure Victims

Diane Thompson of the National Consumer Law Center made a point that has gone overlooked. She said that you can get much better compliance on loan modifications if you actually fund mediation programs and legal services attorneys. There are mandatory mediation programs up and running in Philadelphia and New York, and they have been far more successful in preventing foreclosures – by about 50%, according to Thompson. It’s just a matter of getting the servicers into these mediation programs instead of hoping they will initiate modifications on their own.

                       

Diane Thompson

Diane E. Thompson has represented low-income homeowners since 1994. She currently works of counsel for the National Consumer Law Center. From 1994 to 2007, Ms. Thompson represented individual low-income homeowners in East St. Louis at Land of Lincoln Legal Assistance Foundation. While at Land of Lincoln Legal Assistance, Ms. Thompson… MORE >