Protecting Your Interests During Foreclosure Mediation
Residents of Maryland and Washington, D.C., who have received notification from their mortgage lender they are in default have the right to request a meeting with their lender and a qualified mediator. At these meetings, it is imperative that you have competent legal assistance.
If you have received a foreclosure notice in Maryland or Washington, D.C., call our team at Morris Margulies at 301-816-1600 immediately. We can discuss the potential outcomes of mediation before a hearing is scheduled and determine what options would work best for you based on your current financial situation.
What You Need To Know About Loan Modification Meetings
Lenders will bring their attorneys to these meetings, and you are also entitled to have an attorney there representing your interests. A third-party mediator will work with you, the lenders and the attorneys present until an agreement can be reached that is acceptable to both parties.
You will need to present to your lawyer:
- Pay stubs
- Current income (sources and proof of incomes)
- Bank statements
- Proof that you can afford the mortgage
Your lawyer works with you based on your goal after mediation. Your end goal may be:
- Loan modification
- To move out or sell the property
- Avoid any deficiency judgment associated with foreclosure
- To keep property
Once mediation has been completed, there are several possible outcomes, including a loan modification, deed in lieu of foreclosure and loan forbearance. If both parties do not come to an agreement, the foreclosing party schedules the sale of the foreclosure. Attorney Frank Morris and his team will work with you to draft the best plan that benefits both you and the foreclosing party.