Lance Denha: Mediation Offers Alternative to Foreclosure

NEW YORK, NY, August 01, 2012

Ever since the housing crisis of 2007, homeowners across the nation have lived with the reality that foreclosure is more prevalent now than ever before. Even as the market makes tenuous strides toward recovery, many homeowners remain afraid that an inability to make payments will result in the loss of their cherished properties. According to a recent article from the Chicago Tribune, there are some legal alternatives to foreclosure, some of which might enable homeowners to reach more satisfying solutions that do not entail the loss of their home. One such alternative to foreclosure is that of legal mediation--which, according to attorney Lance Denha, may or may not prove effective, depending on the specific situation the homeowner faces.

The Tribune article notes that legal mediation comes with noble intentions--namely, "to put borrowers, lenders and an impartial third party in the same room to negotiate a way to help owners keep their homes- or get out of them as painlessly as possible."

Lance Denha, who heads a multi-state legal practice, has long focused on foreclosure and other areas of real estate law. He has responded to the Tribune article with a new statement to the press, in which he notes that mediation is very promising, even if it does not result in positive action for each and every client.

According to Denha, foreclosure mediation programs differ by state and are complex and multifaceted, "Mediation differs across the country, with regulations differing from one state to the next, so it is highly advisable to seek out experienced local counsel or housing counseling agencies to ensure the best possible outcome," comments Lance Denha. "By keeping this in mind, homeowners can increase their chances of avoiding foreclosure."

The attorney goes on to say that while the success of a mediation attempt is somewhat dependent on local regulations and access to legal counsel, there are further steps that a homeowner can take to improve his or her chances of a positive outcome. "While mediation outcomes vary across the nation, being well equipped with the proper documentation and understanding of the mediation process will only help assist the homeowner in avoiding foreclosure," Lance Denha concludes.

The Chicago Tribune notes that, despite signs of economic recovery, the foreclosure crisis may only be about halfway through. While real estate markets are beginning to stabilize, part of that stabilization process involves banks clearing out their distressed properties. In many instances, this means foreclosures. The article also notes that the foreclosure process can last years, and that many courts are backlogged with foreclosure cases, meaning that the possibility of foreclosure is still an ever-present reality for many American homeowners.

ABOUT:

The Law Offices of Lance Denha, a multi-state practice, was founded to aggressively defend individual homeowners and to assist them in initiating or defending legal action against banks and lenders. Lance Denha implements an expansive knowledge of state and federal laws, as well as an experienced staff of legal professionals, in an attempt to keep clients in their homes as affordably as possible.

Website: http://lancedenha.com/