Foreclosure Mediator - Posted by Kal

Posted by Chris on February 07, 2000 at 14:50:42:

I don’t know about this company.

You really need to look into the legal implications of doing this. If in California you may want to read this article which Mark (SDCA) led me to:

http://www.calpost.com/Library/Cameron/cameron1.htm

Please post the contact information for the company who placed the advertisement to help with comments.

-Chris

Foreclosure Mediator - Posted by Kal

Posted by Kal on February 07, 2000 at 14:31:57:

I recently read an Advert in a local Newspaper which gave you the precise steps on how you can help save poeple from losing their homes by contacting the lenders/lawyers in order to renegotiate the terms of the homeowners mortgage arrears etc

For this service the mortgagor would pay a fee from anything from $500 to $1000 depending on which State that they are in for you services as a middle man

Apparently this Company can tell you how to do this by applying for the Course which will of course cost money ($900) and they also gaurantee that if you do not make any money from this scheme within a certain period, they will refund the course fee in full!. They have been established for 20 years and ar very success at it

They say that no office is needed or license for this type of service, and is very lucrative as well as legal.

Any on ever experienced such a deal?
Any commemts on this Service??

Kal

Re: Foreclosure Mediator - Posted by TCB

Posted by TCB on February 08, 2000 at 19:45:53:

Although I would be interested in what the course says, I question whether they can provide you with “definitive answers” of foreclosure, because laws are different in every state. I am sure the advertised course will be vague.
I have dealt with foreclosure mediation companies extensively in the past, and each uses a similar approach. They negotiate with a bank to accept a plan of repayment (referred to as a forbearance plan), a shortfall payoff (less than what is owed on the mortgage note), or a restructure of the terms of the mortgage note. If none of these work, it is on to the question of whether the bank will accept a Deed in Lieu of foreclosure.
If you have knowledge of these practices to resolve foreclosure, you are on your way. My suggestion is try to get the information from this site, or another site on the internet before buying the course.