Does it impact the foreclosure mediation case if the lender/servicer participates by phone?
Many foreclosure mediation cases have been conducted with the lender/servicer participating by phone. The benefit is a savings to the borrower since it keeps the cost of attorney fees and travel expenses of the lender/servicer, which may be charged to the homeowner as additional fees, to the foreclosure action. An additional benefit of lender/servicer phone participation is that the lender/servicer has computer access to all available loss mitigation options, credit reports, and loan information. It is important to note that the lender/servicer that is participating in person or by phone have the authority to settle or have someone ready by phone for the duration of the mediation session that has authority to settle the action. Again, lenders and servicers need the borrowers’ financial information in advance of the mediation in order to have settlement authority.
Related Questions
- Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Missouri?
- If foreclosure action is dismissed, will lender still be liable for violations incurred during the time the case was filed?
- Does it impact the foreclosure mediation case if the lender/servicer participates by phone?
