Bookmark this site
Lenders seeking to foreclose on homes in Will County will have to attend a mandatory meeting with the homeowner and an independent mediator to determine if the home can be saved, under a new program announced for the county Monday.
Gerald Kinney, Will County Circuit Court’s chief judge, estimated that up to 3,000 foreclosure cases will be screened annually for the foreclosure mediation program. The initial screenings, which will take place within 60 days of an initial foreclosure filing, will help determine whether a borrower is eligible for a loan modification or workout, or whether the borrower should pursue a deed-in-lieu of foreclosure. The “beauty of the rules” is that a representative of the lender’s with full authority to make decisions must attend the mediation, according to Illinois Supreme Court Justice Thomas Kilbride.
