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NEWS ADVISORY

Judicial Branch, State of New Hampshire

CONTACT:
Laura Kiernan
Communications Director
lkiernan@courts.state.nh.us
603-271-2646 ext 2359

Judicial Branch Foreclosure Mediation Program
Offers New Option for Homeowners

January 11, 2010ŚNew Hampshire homeowners at risk of defaulting on their loans or losing their property to foreclosure now have an opportunity to ask their lenders to consider participating in a free, voluntary "Foreclosure Mediation Program" launched by the Judicial Branch Office of Mediation and Arbitration (OMA).

The new program will allow trained mediators to facilitate discussions about possible restructuring of an "at-risk" loan or propose other negotiated alternatives that would allow qualified borrowers to remain in their homes, while securing a more reliable payment stream for lenders. The program is funded by grants awarded to the OMA by the New Hampshire Housing Finance Authority, the New Hampshire Charitable Foundation and the Oleander Jameson Trust.

Providing a neutral forum for discussion "may prove quite helpful in cases where borrowers, faced with challenging financial circumstances, are reluctant to meet directly with their lenders, despite the lenders attempt to work directly with borrowers," Chief Justice John T. Broderick Jr. said in a letter to banks and mortgage holders, urging them to consider participating in the program with borrowers.

To participate in the Foreclosure Mediation Program, the homeowner must fill out an application form and send it to their lender, as well as to the OMA office. The application form, and other information about the Foreclosure Mediation Program, is available on the Judicial Branch website.

 

If you have questions about the OMA Foreclosure Mediation Program, please contact OMA director Karen Borgstrom. She can be reached via e-mail at:kborgstrom@courts.state.nh.us or call 603-271-6418 ext 340.

 

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