ATTENTION HOMEOWNERS: Time is of the essence!!
On August 28, 2012 the St. Louis County Council passed the Mortgage Foreclosure Intervention Code (Program). On February 27, 2013, a similar ordinance in the City of St. Louis went into effect. In summary, the Ordinances provides that prior to the foreclosure sale of a home in St. Louis County and the City of St. Louis, a Homeowner, upon receiving from the Lender a “Notice of Right To Request Mediation” may opt into the Program by signing and delivering to the Mediation Coordinator a “Request for Mediation” within twenty (20) days of the date the Notice of Right to Request Mediation was mailed to the Homeowner. Mediation is a non-binding process where a skilled, neutral mediator helps the parties resolve their dispute. (See Homeowner's Guide to Mediation.)
United States Arbitration & Mediation Midwest (USA&M) has been selected by St. Louis County and the City of St. Louis as the Mediation Coordinator and will coordinate scheduling of the mediations, provide meeting rooms and select the mediators. All costs are advanced by the lenders. There are penalties if the Lender does not comply with the ordinance. However, the ordinance does not prevent foreclosure sales. Mediation provides the opportunity for the Homeowner and the decision maker from the Lender to sit down together in an effort to come to an agreement.
Both the Homeowner and the Lender are required to do many things prior to the mediation so that the time spent together can be productive.
Lender forms and information approved by the St. Louis County Counselor may be found in the St. Louis County Foreclosure Mediation Program section, under Approved Forms for Lender Use, which are located under the Foreclosure Mediation tab.
Lender forms and information approved by the City of St. Louis County Counselor may be found in the City of St. Louis Foreclosure Mediation Program section,under Approved Forms for Lender Use, which are located under the Foreclosure Mediation tab.
Homeowners are encouraged to seek the help of free housing counselors or legal counsel. Homeowners, please click on “Required Forms and Information for Homeowners by Ordinance“ under the Foreclosure Mediation tab and for more details and forms.
NOTE: Nothing contained herein is intended to give legal advice. Individuals should always consult with an attorney before entering into a contract.