The New Jersey Judiciary’s Foreclosure Mediation Program is a court ordered free service provided by the New Jersey courts to help homeowners and lenders to resolve disputes related to foreclosure. The program provides an opportunity for homeowners who are facing foreclosure to meet with their lender and a neutral mediator to try to work out a solution that will allow the homeowner to keep their home or to transition out of the property in an orderly manner.

In order to be eligible for the free mediation program, homeowners cannot currently be in bankruptcy, the property in foreclosure must be the homeowner’s primary residence, and the property in question must be a one to three-family residence. The program covers both prime and subprime loans, and is available for all homeowners who are in default or facing foreclosure, regardless of their income level. The program benefits distressed homeowners by providing them the opportunity to have a face-to-face meeting with the lender’s attorney and a neutral third party mediator to discuss their options. Communication is always an issue when dealing with banks and this is an important opportunity for a borrower to speak directly with their servicer and their lawyer about their prospects of reaching resolution.

The program can help homeowners to explore options such as loan modification, forbearance, short sale, or deed-in-lieu of foreclosure, and it also can also help homeowners to understand their rights and responsibilities under the law.

The New Jersey Judiciary’s Foreclosure Mediation Program is a valuable resource for homeowners who are facing foreclosure, as it provides an opportunity for homeowners and lenders to come to a mutually agreed upon solution, and avoid the costly and uncertain foreclosure process.

Our firm, Friscia & Associates, will submit your entire mediation packet to the court, and will represent you at the mediation. Our NJ foreclosure defense attorneys can guide those facing foreclosure through the complexities of the foreclosure process.

If you have questions regarding the New Jersey Foreclosure Mediation Program or if you have any other related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.