What happens in a mediation hearing about avoiding foreclosure?
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What happens in a mediation hearing about avoiding foreclosure?
Asked on February 9, 2012 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Mediation is a non-binding process, unlike arbitration, which is binding. Therefore, in mediation, while the mediator will try to help the two sides (presumably, you and the lender) come to an agreement, there is no power to enforce anything. Basically, a mediation is like a settlement negoation or discussion--two parties talking, trying to find common ground--with the addition of a neutral third party (the mediator) who tries to help the parties find that common ground. Each party will have a chance to lay out its facts and position; since the mediator generally controls the process, it is impossible to generalize about this will be done--each mediator has his/her own way of working.
Note that if you and the other party (the lender) can't come to an agreement, the lender will be free to take the next step--which presumably is foreclosure.
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