Illinois Mortgage Foreclosure Mediation Referral Order

State:
Illinois
Control #:
IL-SKU-0620
Format:
PDF
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Description

Mortgage Foreclosure Mediation Referral Order Illinois Mortgage Foreclosure Mediation Referral Order is a judicial order issued by the court to refer a mortgage foreclosure case to mediation. This order requires the borrower and lender to attend a mediation session with a neutral third-party mediator. The goal of the mediation is to work out a mutually satisfactory resolution between the lender and borrower to avoid foreclosure. There are two types of Illinois Mortgage Foreclosure Mediation Referral Order: voluntary and mandatory. Voluntary Mediation Referral Order is initiated by either the borrower or lender, while a Mandatory Mediation Referral Order is issued by the court. The mediation process is designed to help the parties come to an agreement on a repayment plan or loan modification that will benefit both parties. The mediation process is free of charge to the parties and serves as an alternative to foreclosure.

Illinois Mortgage Foreclosure Mediation Referral Order is a judicial order issued by the court to refer a mortgage foreclosure case to mediation. This order requires the borrower and lender to attend a mediation session with a neutral third-party mediator. The goal of the mediation is to work out a mutually satisfactory resolution between the lender and borrower to avoid foreclosure. There are two types of Illinois Mortgage Foreclosure Mediation Referral Order: voluntary and mandatory. Voluntary Mediation Referral Order is initiated by either the borrower or lender, while a Mandatory Mediation Referral Order is issued by the court. The mediation process is designed to help the parties come to an agreement on a repayment plan or loan modification that will benefit both parties. The mediation process is free of charge to the parties and serves as an alternative to foreclosure.

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Illinois Mortgage Foreclosure Mediation Referral Order