Thursday, November 15, 2012
About to Lose Your House in the County? Judge OKs Law That Might Be Your Last Chance
By Nicholas Phillips
on Thu, Nov 15, 2012 at 7:38 AM
This law -- a.k.a. the "foreclosure mediation" law -- was passed by the County in August, but has been challenged in court by the banking industry and opposed by realtors and lawyers
who handle foreclosures.
Under the law, the lender must sit across the table from a homeowner in the presence of an official third party (such as somebody from U.S. Arbitration and Mediation).
The law doesn't mandate that an agreement be reached, but either way, the lender must pay a $450 fee for the meeting.
The bankers who challenged the measure in court have said they'll appeal.
But that hasn't dampened the enthusiasm of Lewis Reed, President of the Board of Aldermen and city mayoral candidate, who tweeted the following yesterday:
A circuit-level judge gave the greenlight on Wednesday to a St. Louis County law that will require a lender to sit down with a homeowner before foreclosing on a home.