Did anyone else hear about the plan in Philadelphia that prohibits any foreclosure action by a mortgage lender until the lender representative sits with the homeowner in a mediation session monitored by a professional mediator, often a judge. The people being interviewed were quite positive in their reviews. For example, a mortgage lender representative said that for the first time rather than a foreclosure procedure being a lose - lose situation for both the homeowner and the lender, the mediation process was often successful in working out a collaboration that modified the mortgage rates and terms so that the homeowner could meet the payment schedule and stay in their home. What is your opinion?
Does anyone who lives in Philadelphia have some experience with this mediation initiative?