Who pays for the Mortgage Mediators service?

Many of us at Mortgage Mediators have been or know of distressed mortgagees in the past, so we understand that people with mortgage problems don’t have the funds to pay for mediation. Some of us have worked as collection/realisation managers for mortgagees or as lawyers and accredited property specialists in mortgage foreclosures. We are well versed in the excessive costs and negative results that go with mortgage foreclosure. In most instances, our services are funded by responsible and caring banks, other lending institutions and their LMI (lenders mortgage insurance company).

Why do they do this? It is in the long-term interest of lenders/LMI to fund the mediation process. As explained on this website, all parties stand to gain regardless of the outcome, borrower and lender are equally important. If it determined during mediation that hardship/resolution is not possible, the Mortgage Mediation process results in a cost-effective sale outcome, so the lender and lenders mortgage insurer will minimise their losses (or not incur any losses) from the sale, borrower equity settlement cheque or minimised debt to the lender/LMI. If hardship/resolution is determined to be possible, the lending institution continues to receive payments on the mortgage and builds goodwill in the community by having done all that could be done to find a solution. Both avenues are cost-effective and produce positive results and minimum stress for all, as all concerned are in agreement.

Consent is far less costly for all in every way compared to conflict and its costs. Sadly, not all lenders/LMI assist with funding this unique face-to-face service across Australasia. In 2013, we are endeavouring to curb this.

Our competitive fee structure is:

Hardship resolution agreed upon	$1,450-00 (fixed) Stops there.
Favourable sale agreed upon sold and settled	$4,990-00 (fixed)
Less the above initial fee	$1,450-00 (fixed)
	$3,540-00 (fixed) Stops there.

This is a fixed, not variable, fee rate and there are no hidden charges. In comparison, the rate for a forced eviction mortgagee distressed sale, with many hidden charges, is much higher. This makes mediation a sensible alternative in more ways than one, for all. If Mortgage Mediators does not resolve the issue, no fee applies. If you are a distressed mortgagor and your Bank/lender/LMI does not utilize this service the team here at Mortgage Mediators unlike some others will assist you free we are a true not for profit service the Banks/lenders/LMI that do your customers and ourselves sincerely appreciate in your funding for the benefit of ALL equally important, same as there at the beginning, there at the end when needed most, which Bank?

Regardless you are not alone we do not abandon Mortgage Mediators are there for you the distressed mortgagor on a free fee.