Mandatory Mediation Saves Families from Home Foreclosure
as States try to force mortgage workouts
The Wall Street Journal
December 31, 2010
Although about 20 states offer some mediation program for banks and homeowners before foreclosure proceedings are initiated, there are only five states or cities that make this type of mediation mandatory. The mandatory mediations have shown a much higher success than the voluntary mediation programs.
Mediation works! When parties are forced to try mediation, many yield successful results. Because parties do not reach a mediation agreement unless they voluntarily agree, fears about powerful parties are alleviated.