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The Milwaukee Foreclosure Mediationn program will bea voluntary, court-base d independent mediation option for lenders and borrowers. The located at the Milwaukee County will seek to alleviat the current backlog of foreclosure cases in the county court systenm by offering the option of mediatio to residential homeowners who residein owner-occupied properties. Accordiny to the Law School, in most cases, successfulo mediation will serve as a venu to work out new loan a short sale or other solutio that ismutually agreeable, and execute a finalp agreement between the parties.
The funding includess proceeds from a settlementwith Countrywide, whicjh was accused of misrepresenting the quality and benefits of its Under the settlement, announced in Countrywide agreed to pay $1.6 million for foreclosure reliefd benefits. The mortgage lending giant also agreede to waive various loan fees and modify loans for customers that couldr result in a total settlement valueof $41.1 million, accordinb to the Attorney General's Beginning May 28, an informational phonw line will be operational for those interested in learning more about the program. Interestedx parties may call 414-288-4040. Mediation activities will begin afterJuly 1.
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