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What happens at a Conciliation Conference

Conciliation is a non-mandatory phone conference between the attorneys of the lenders and borrowers, held in order to reach a settlement. It does not use an independent mediator, has no additional costs, and does not require the borrowers to go to financial counseling. Best of all, conciliations is much more flexible with a homeowner's' financial situation and gives Foreclosure Defense Attorneys more opportunities to create a better settlement.

Conciliation has become the preferred method of loss mitigation negotiations as it is a less expensive avenue and just as effective as a mediation. It can also help to speed up the loan modification process. Conciliation conference is beneficial to Homeowners as you will have an opportunity to communicate directly with your lender to discuss your current financial situation and engage in negotiations to help you keep your home.

In a conciliation conference your attorney will have the opportunity to speak to the decision maker with at the bank. You will be able to negotiate directly with the bank in real time. It is easier for you to get specific dates for what will happen next and learn what specific documents they may need in order to complete the processing of your modification request.

Many times, a homeowner who has submitted a loan modification application to their bank will wait weeks, sometimes months for a response. A homeowner alone will have almost no success in trying to contact the bank for answers on their submitted application. It is even more difficult to reach someone at the bank who has the authority to make any decisions regarding their loan modification. An experienced foreclosure attorney can help with expediting with this process.

In the course of the conciliation conference, your lawyer can find out if the loan modification has been accepted. If it has not been accepted or if the bank offers a loan modification that the homeowner does not like, the attorney can ask to resubmit or try to negotiate the terms of the loan modification during the conciliation conference. Your attorney can ask, "Will my client qualify for...?" and get quick answers to help you save your home. This can sometimes force a bank who has been putting off a loan modification to give the homeowner a direct answer that day.

Homeowners who enter conciliation with legal representation have seen much higher success rates than those that go without. You can be at a serious disadvantage when faced with an opposing counsel who will not be motivated to negotiate in their best interest. Seek the help of an experienced foreclosure attorney today.

Categories: Foreclosure Defense
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