Maryland Mediation Program to Avoid Foreclosures Less Successful than Anticipated
The Washington Post Local
July 7, 2011
There was great hope and expectation for the foreclosure mediation program that the Maryland task force came up with a year ago. “It’s a program that is still new, but it also can use some improving” since only 100 homeowners have received a loan modification of the 829 mediation cases classified as closed.
The statistics can be misleading though. About 150 have reached a contingent agreement that permit the homeowners to stay in their homes until a final decision is reached. Another 120 defaulted because homeowners did not show up to the scheduled mediations and another 50 homeowners were ineligible for the program due to bankruptcy or other reasons.