Financial Literacy Solutions Moving Toward Online Mediation
Online mediation received another nod of approval when Financial Literacy Solutions LLC (FLS) was selected to provide an interface for the process to be used by Consolidated Credit Counseling Services, Inc. Consolidated Counseling is the second-largest non-profit service in the nation to provide credit counseling services to borrowers in distress.
Online Mediation a Small Step for FLS
FLS is already familiar with leveraging the power of the Internet to provide services to both loan originators and prospective borrowers. Using services such as video chatting software, FLS has helped to educate consumers about the various kinds of mortgages available and their options.
Now, with the housing market in crisis, a great need has arisen to provide real estate mediation to the many thousands of homeowners facing foreclosure on their mortgages and other financial problems related to the falling value of their homes. At the same time, more state governments are striving to protect consumer interests by requiring mediation before a foreclosure can go through. This combination has created a growing need for online mediation.
“As more states across the nation enact regulations that require mediation as part of the default process, we have seen demand for our services rise dramatically,” said the director of Consolidated Credit's housing division, Joe Cvelbar, director of Consolidated Credit Counseling Services Inc.’s housing division.