The Illinois Mediation Conference Report Residential Foreclosure Mediation is a form of dispute resolution used to help homeowners and lenders reach an agreement regarding the resolution of a foreclosure proceeding. It is an alternative to court litigation and is used to help resolve financial disputes in a more cost-effective, time-efficient, and amicable manner. The conference is held between the homeowner, lender, and a mediator who serves as a neutral third-party to help both sides come to an agreement. During the conference, the parties discuss the underlying issues of the foreclosure and negotiate a resolution. The mediator will help the parties come to a mutually beneficial agreement, and the conference report is the mediator's summary of the issues discussed and the proposed resolution. There are two types of Illinois Mediation Conference Report Residential Foreclosure Medications: pre-foreclosure and post-foreclosure. Pre-foreclosure mediation occurs prior to the initiation of the foreclosure process and is used to negotiate an agreement between the homeowner and lender to avoid foreclosure. Post-foreclosure mediation occurs after the initiation of the foreclosure process and is used to negotiate a resolution that will help both parties avoid further litigation.
Illinois Mediation Conference Report Residential Foreclosure Mediation
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FAQ
The purpose of the Residential Real Estate Mortgage Foreclosure Mediation Program ?Program? is to (1) alleviate the financial burden on Lenders, Homeowners, and taxpayers caused by residential mortgage foreclosures; (2) foster direct and meaningful communication between Lenders and Homeowners; (3) provide an
The mediator will usually want to see each of you on your own before any joint mediation sessions can take place. If you don't respond or decline mediation without a good reason, you will usually have to explain why you declined mediation to the judge, if your case subsequently goes to court.
The Mandatory Mediation Plan is designed to provide quicker, less expensive, and potentially more satisfying alternatives to continuing litigation, without impairing the quality of justice or the right to trial.
Subject to a few limited exceptions, you have 7 months from the date you are served to pay off your loan in full, either by refinancing the loan or by selling the house or by other means. This is called your right to redeem, and the 7-month period is called the redemption period.
Mediation may be ordered by the court or may be initiated voluntarily by the parties at any stage of their case, even before filing for divorce. The results of mediation are a recommendation for settlement not a binding final decision. If both parties agree to the decision, it can become binding and final.
If you decline the invitation to mediation and the case goes to court, the judge or magistrates are quite likely to ask you why you did not attend mediation. If you do not have a good reason for declining, it could reflect badly on you at court.
As a general matter, divorce mediation is not required in Illinois. If you and your spouse can come to terms independently, you are free to do so.
All of the circuit courts in Illinois have mandatory mediation programs for cases involving child custody or visitation issues. However, parties can be excused from mediation if the court determines that an impediment to mediation exists, such as domestic violence.