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State mandates that require loan-servicers and banks to hold mediation sessions with borrowers before foreclosures can take place, are having a significant effect on mortgage modification numbers across the nation.

Currently there are around 20 states that promote some form of mediation sessions between borrowers and lenders in order for them to reach a settlement rather than foreclosure. In three states, these mediation sessions between borrowers and lenders are mandatory before a foreclosure can take place. These states include New York, Connecticut, and Florida.

In some cases, loan-servicers and banks are taking the initiative rather than trying to rely on the Obama administrations Home Affordable Modification Program, which has not lived up to expectations. Since spring 2009 HAMP has permanently modified 521,630 mortgages for distressed borrowers, accordingly to a report through December 2010. Those 521,630 permanent modifications completed falls far short of HAMP’s goal of modifying 3 to 4 million troubled mortgages. Because the qualifications for a HAMP modification are hard to meet, banks and loan servicers have initiated their own modifications.

The mortgage giant Fannie Mae has recently started a foreclosure-prevention program in the state of Florida, Fannie Mae’s goal is to get more banks to meet with troubled borrowers to work out modifications and find alternatives to foreclosure. Banks in states where foreclosures take place in the courts are more amiable towards making modifications for borrowers. In some states, foreclosures can cost banks thousands and take years to complete, which make it easier for them to agree to a modification. These modifications are usually by reducing interest rates, extending loan terms, or foregoing late fees.

Wells Fargo & Co. is leading the pack as far as trying to decrease their number of modifications rather than foreclosing on borrowers. The company plans to hold 20 mediation sessions across the country with more than 100,000 borrowers. Invitations have been sent to more than 150,000 troubled borrowers and the bank hopes to negotiate modifications for a large number of troubled homeowners.

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