Foreclosure Mediation Programs: A Crucial and Effective Response by States, Cities, and Courts to the Foreclosure Crisis

7 Pages Posted: 4 May 2020

See all articles by Karen L. Tokarz

Karen L. Tokarz

Washington University in St. Louis - School of Law

Kim Kirn

affiliation not provided to SSRN

Justin Vail

The Protect Democracy Project

Date Written: 2012

Abstract

Housing is the single most important asset for the majority of American households and a pillar of the American economy. The current U.S. home mortgage foreclosure crisis has a staggering impact on homeowners, lenders, families, neighborhoods, municipalities, and states. Foreclosure mediation programs are an effective response by states, cities, and courts to address the impact of the foreclosure crisis. Mandatory foreclosure mediation programs help homeowners keep their homes and aids communities in maintaining property values while saving lenders and investors the expense of executing a foreclosure. By examining the foreclosure crisis in Missouri and Illinois and the various foreclosure mediation programs around the country implemented in response to the crisis, this Article proposes best practices for successful foreclosure mediation programs and advocates for jurisdictions to establish these programs to curtail the devastation caused by the foreclosure crisis.

Suggested Citation

Tokarz, Karen Louise and Kirn, Kim and Vail, Justin, Foreclosure Mediation Programs: A Crucial and Effective Response by States, Cities, and Courts to the Foreclosure Crisis (2012). Washington University in St. Louis Legal Studies Research Paper No. 20-04-04, 59 St. Louis B. J. 28 (2012), Available at SSRN: https://ssrn.com/abstract=3586748

Karen Louise Tokarz (Contact Author)

Washington University in St. Louis - School of Law ( email )

Campus Box 1120
St. Louis, MO 63130
United States

Kim Kirn

affiliation not provided to SSRN

Justin Vail

The Protect Democracy Project ( email )

2020 Pennsylvania Ave. NW, #163
Washington, DC 20006
United States

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