If you're one of thousands of Californians currently facing foreclosure, there may be some new hope of relief.The legislature is currently discussing creation of a mediation program to help you work things out with your lender. If created, it would bear some similarity to programs of this sort in a number of other states. While final details are not yet set, and will take quite a bit of discussion by lawmakers, the basic way it would work is that borrowers facing loss of their home by foreclosure would request a mediation with their lender. The parties would then sit down and try to work out a loan modification that would create more manageable loan payments for the borrower, thus helping his avoid foreclosure. Such items as fees for the process, to help cover its costs, are one of many things under discussion. Likely they would be a few hundred dollars, and would go to the mediator hearing the case.
Final discussion on the bill would likely be in January after the legislature gets back in session.
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