This past Thursday, the Milwaukee County Courthouse was the gathering spot of city officials announcing the city’s newest, improved foreclosure mediation program known as the Metro Milwaukee Foreclosure Mediation Program (MMFMP).  The program, which recently transferred its location from the Marquette University Law School to the Milwaukee County Clerk of Circuit Courts office, will be funded by the Wisconsin Department of Justice and administered by the Milwaukee County Clerk of Circuit Courts.   

John Barrett, Clerk of Courts, said “We were so pleased to take over this program at a time when there was still a great need to help people keep their homes if at all possible. We continue to look forward to working closely with the community partners and lenders to provide this important service.” The service to which he refers is now being created throughout the country in various states and counties as a way to stave off the wave of foreclosures that have been sweeping the nation since the housing market crash of 2008. 

Foreclosure mediation offers homeowners the opportunity to discuss with their lender ways in which they can resolve the foreclosure case that has been brought against them.  In some cases, this includes modifications of the loan terms or extended time in which to pay the amount that is owed.  Foreclosure mediation programs like the one adopted in Milwaukee have been touted as highly successful in helping homeowners across the nation keep their homes after being threatened with foreclosure. 

For the Metro Milwaukee Foreclosure Mediation Program (MMFMP), lenders are required to participate if they place a property in foreclosure, or face stiff penalties for failing to do so.  Participation in the program is voluntary for homeowners facing foreclosure.  The city and county hope that homeowners will take advantage of the enormous potential of the program and most city officials are excited about the prospects of its implementation.