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In fact, some mediators caution foreclosure cases aren’t even true mediations. There’s little to no negotiation that occurs at the table, said Fort Lauderdale real estate attorney and foreclosure mediator Shari Olefson.
In many cases, a homeowner’s finances are simply uploaded into a lender’s computer system, which spits out whether the person’s debt-to-income ratio qualifies for a loan modification. The computer doesn’t haggle.
And, something as small, or large, as an iPhone bill could push a borrower’s monthly debt over the limit. In mediation, it’s not the mediator’s role to defend the borrower, or make suggestions on how to cut expenses to qualify for a loan modification, Olefson said.
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