How is the Cook County Foreclosure Mediation Program Doing?

It has been a little more than a year since Cook County announced its new Foreclosure Mediation Program in April of 2010.  The purpose of the program was to help homeowners with free legal advice, and also to assist then in reaching a resolution with their lenders.

As of April of 2011, more than 27,000 homeowners had asked for advice.  Of those 27,000 homeowners, 1,820 were referred to mediation.  Of those 1,820 referrals, 627 homeowners had completed their mediations.  Of those 627 completed mediation, 216 homeowners received loan modification and will continue to stay in their homes.  The remaining 411 homeowners have either left their homes already or are still in the foreclosure process.

The Foreclosure Mediation Program started with a budget of $3.5 million, and has received another $3 million to keep it running until November 2011.  While mediation can be slow, the program has helped many homeowners.  With any luck, the program will continue to assist Cook County homeowners facing foreclosure!