By Mary Ellen Podmolik | Lenders seeking to foreclose on homes in Will County will have to attend
a mandatory meeting with the homeowner and an independent mediator to
determine if the home can be saved, under a new program announced for
the county Monday.
Gerald Kinney, Will County Circuit Court’s chief judge, estimated that
up to 3,000 foreclosure cases will be screened annually for the
foreclosure mediation program. The initial screenings, which will take
place within 60 days of an initial foreclosure filing, will help
determine whether a borrower is eligible for a loan modification or
workout, or whether the borrower should pursue a deed-in-lieu of
foreclosure. The “beauty of the rules” is that a representative of the
lender’s with full authority to make decisions must attend the
mediation, according to Illinois Supreme Court Justice Thomas Kilbride.
