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“For me, the mediation process, I think, was a gimmick,” Louis Boney, a Maryland homeowner who went through the program, told the news agency. “In my opinion, they came there just to go through the formalities. They just want to foreclose.”
However, some also believe that the process has been a bit muddled simply because it’s so new, the report said. Most state programs are still in their infancy, so homeowners and banks alike may enter the process not knowing what to expect from mediators.
Consumers who are facing foreclosure are advised to research all of the options available to them in an effort to better understand their situation and what they can do about it.
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December 13, 2023
Mortgages