KANE COUNTY MORTGAGE FORECLOSURE MEDIATION STABI LI ZI NG H OM - - PowerPoint PPT Presentation

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Feb 08, 2024 313 likes •467 views

KANE COUNTY MORTGAGE FORECLOSURE MEDIATION STABI LI ZI NG H OM ES IN KANE COUN TY INTRODUCTION Objectives 1. Reduce procedural burden on lenders, homeowners, and taxpayers. 2. Ensure equal access to justice for all populations. 3.

SLIDE 1

KANE COUNTY MORTGAGE FORECLOSURE MEDIATION

STABI LI ZI NG H OM ES IN KANE COUN TY

SLIDE 2

INTRODUCTION

Objectives 1. Reduce procedural burden on lenders, homeowners, and taxpayers. 2. Ensure equal access to justice for all populations. 3. Reduce the impact of foreclosure on lenders and communities.

SLIDE 3

PROGRAM DEVELOPMENT

Review of mandatory documents
Redrafted for accessibility and clarity.
Digital document management
Orders and reports are submitted digitally, reducing cost

and delay.

Court protocols to improve communication and efficiency.
Developing best practices for Mediation and mediators

across the county.

SLIDE 4

JUDICIAL ACCESS

Demographics

Race/Ethnicity # Homeowners % American Indian 2 .56% Asian 8 2.26% Black/African American 13 3.67% Latino/Hispanic 97 27.40% White, Not Hispanic 157 44.35% Not Reported 71 20.06%

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SPANISH SPEAKERS

Population
Kane County ~27% Hispanic/Latino
27.4% of participants are Hispanic/Latino
Challenges
Fraud
Participation challenges - Loss mitigation process
Other external impediments

SLIDE 6

2014 TRENDS

Cases Filed (as of 9/30) Analysis –

43% drop in filings from 2013
Increase in participation from 15% in April to 24% in

September - outreach.

Total Filed Served in Mediation % served 1327 319 24%

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KANE COUNTY

Total Filings

Jan. 1 - Sep. 30

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KANE COUNTY

Cases that Contacted the Program

Jan. 1 – Sep. 30

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KANE COUNTY

Percentage that Contacted the Program

Jan. 1 – Sep. 30

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MEDIATION RESULTS

Total Filings (1/2/14 – 9/30/14) 1327 % Entered Mediation Program 319 24.0% Cases Closed 197 61.7% Outcomes of Closed Cases Modified Mortgage 36 19.7% Short Sale 11 5.5% Reinstatement 7 3.5% Returned to Court – no agreement 16 8.1% Returned to court – Program not completed 137 69.5%

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RESULTS CONT.

Satisfaction

% responding satisfied or very satisfied* Were you satisfied with the

verall experience

87.3% Were you satisfied with the

utcome?

79.2% Did the mediator treat you fairly? 94.6%

*Respondents include Homeowners and Lenders Representative

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COMMENTS

Homeowners: “What did you like about the mediation process?” “Everything was perfect.” “I appreciate the opportunity for a second chance and the

pportunity to ask questions amongst all parties involved.

The Mediator actually made me more at ease.” “Thank you for saving my home, I couldn’t have done it without

you. God bless you.”

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COMMENTS CONT.

Attorneys: “What made mediation effective?” “The cooperation among parties.” “The mediator was very well informed and familiar with chancery cases and different types of loans.” “The mediator was very neutral and listed to both sides.” “Both parties were able to express their concerns and what the options were.”

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WEBSITE

Residential Mortgage Foreclosure Mediation web site: www.illinois16thjudicialcircuit.org/foreclosuremediation.aspx RSI’s web site: www.aboutrsi.org RSI’s Court ADR Resource Center: www.courtadr.org