Hawaii Mediation Helping Homeowners Remain in their Homes
In an attempt to put an end to the rash of home foreclosures throughout Hawaii, Ku’ikahi Mediation Center and West Hawaii Mediation Center has begun an aggressive Hawaii Island Foreclosure Mediation Program. To date, the program has helped nearly 175 homeowners remain in their homes.
How Mediation Helps with Foreclosure
Foreclosure mediation brings in a third party that helps the homeowners and the lending institution come to a mutually beneficial agreement that allows the homeowner to remain in his or her home.
The mediation process includes discussions that make it possible to find real resolutions. It makes the experience more personal – people are talking to people about issues instead of just dealing with names and numbers. An agreement benefits both sides – homeowners remain in their homes and mortgages remain solvent for lending institutions.
In addition to helping individual homeowners and families, reducing the number of foreclosures is also good for the community overall.
Other Options are Available
When mediation does not provide an inroad for homeowners to continue living in their homes, the process enables everyone to find the best option for resolving the problem. This might be a deed in lieu, a short sale, or some other option.
Following a rise in foreclosure rates, the state Supreme Court initiated a crisis response. Hawaii County had the highest foreclosure rate in 2010, so the Foreclosure Mediation Pilot Project was born. Funding for the project has come from the Department of the Attorney General.
Homeowners concerned about foreclosure have the option of initiated mediation by contacting the Ku’ikahi Mediation Center or the West Hawaii Mediation Center.