Connecticut Foreclosure Mediation Program offers a life line to distressed home owners

By
Real Estate Agent with Coldwell Banker Residential Brokerage

The Connecticut Association of Realtors wants to get the word out that the Connecticut Legislature passed the Comnecticut Foreclosure Mediation Program in June 2008 and it went into effect that July.  As of October 31st, 680 cases have been completed mediated resulting in a 70% settlement rate with either the home owner being able to stay in their home(53%)  with loan modifications or moving from their home (17%)  because of a short sale or foreclosure. 

These mediations sessions do not require the owner to have an attorney and are mediated with Judical employees trained in foreclosure law.   This program may help homes owners stay in their home by negotiation new terms for their lowans and the lender ends up with a performing loan that is repaid untder th enew terms which signifcantly reduces the namber of foreclosures cases.  

Roberta Palmer is in charge of the program and if you need to contact her she can be reached at 860-263-2734 or roberta.palmer@jud.ct.gov.    

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