Alternative Dispute Resolution FULL COLOR PAGE GLOSSY
affordable payments. Refinances have been handled through the program’s Home Affordable Refinancing Program, or HARP, while modifications have been handled through the program’s Home Affordable Modification Program, or HAMP. Currently 35% of the 1.24 million homeowners participating in Obama’s main mortgage aid program since March 2009 have dropped out of the program, with 155,000 of the 436,000 dropping out in the past month alone. Tis exceeds the number of homeowners receiving help though this program. Only 27% or 340,000 of those who started the program have received permanent loan modification and are making their payments on time. It is likely that falling home values are affecting the decision of the borrower to allow the home to go to foreclosure, as well as the staggering amount of personal debt faced by many borrowers in the form of credit cards, equity loans and car loans. Lenders and attorneys have argued that the new costs
and extension of time required to consummate a foreclosure will create a burden on the lender’s balance sheets, cost additional legal fees, allow properties to remain vacant longer in neighborhoods, and result in greater losses to the homeowners associations and condominium associations. Conversely, many borrowers have been unaware of state and federal programs designed to help them keep their homes. Te law requires that the lender provide the borrower with a comprehensive list of resources and options to help avoid foreclosure. Many borrowers and attorneys claim that lenders have been woefully unable or unwilling to negotiate or in some cases even speak with the defaulting borrower. Many borrowers report an inability to reach anyone on a dedicated lender line, or to deal with the same person twice. Many borrowers claim to have filed multiple requests for loan modifications which were either lost or never acted upon. It is hoped that the requirement that a borrower and lender’s representative actually come together at the table will result in modifications for otherwise eligible borrowers. At minimum, the presence of a mediator may ensure that both parties are acting in good faith to reach a compromise that is mutually beneficial. While mediation cannot be looked to as a solution to
the current foreclosure crisis, it may certainly be seen as a tool for easing the crisis. It should be noted that while Maryland’s program is yet untested, Maryland has had success through its HOPE network of non-profit counselors who have assisted more than 35,000 Maryland homeowners. Trough their efforts, more than 9,800 homes have been saved and foreclosure events reduced by 23 percent. Clearly mediation can increase these figures and provide relief for many Maryland homeowners.
Trial Reporter / Fall 2010 35
HEALING CHIROPRACTIC & REHAB CENTER
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Biography Jeanne M. Ripley received her JD from the University
of Baltimore School of Law and was admitted to practice in 1983 in both Maryland, Federal and applicable appellate courts. A long time member of the Harford County Bar, she began her career as an Assistant State’s Attorney for Harford County with a private practice which included and continues to include the representation of realtors and brokers, title companies, mortgage brokers and associated civil litigation. In addition to her membership in the MAJ, she is a member of the Criminal Justice Act Misdemeanor Panel, the Maryland Criminal Defense Attorney Association and the Maryland State Bar Association.
Damaris Bonilla
Metro Latino Publications, LLC
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