Those discussions could lead to a program similar to the mediation efforts recently announced in Will County….
program is scheduled to begin Aug. 1, said Will County Chief Judge Gerald Kinney, who will run the program with retired judges serving as mediators.
Here's how it would work: Under certain circumstances, a bank representative would be required to sit down with a homeowner and a mediator. With everyone in the same room, perhaps the terms of the loan could be changed. Or the lender might be willing to agree to lower the interest rate or reduce the amount of money owed on the mortgage….homeowners would have to meet certain requirements, such as being employed and still living in the home.
In Will County, the court will increase the current fee to file a foreclosure, $276, to $426. The extra $150 banks pay will be used to fund the program
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