Board of Aldermen Passes Foreclosure Mediation Ordinance
ST. LOUIS (KMOX) - Homeowners facing foreclosure in the city of St. Louis would have the right to meet with their lender for a sit-down talk under a bill passed by the St. Louis Board of Aldermen.
Alderman Scott Ogilvie says the process, as it stands now, is too fast. “Homeowners, I think, often feel as if the rules are bewildering and they go from being notified of the foreclosure to being evicted from their homes, sometimes in a month of two.”
“And this sits the homeowner down with someone authorized to make a deal on the bank’s behalf and with the independent mediator who’s trained to help them find a solution,” he added.
The measure was sponsored by Aldermanic President Lewis Reed and still needs the signature of Mayor Slay.
“This is a real victory for struggling homeowners,” MCU member Barbara Paulus said in a release. “We have heard so many stories of people struggling to just get a return call from the bank. A sit-down meeting with their lender finally offers the homeowner a concrete opportunity to keep their home.”
“I’m so happy that the city has taken action to stop unjust foreclosures,” added Angelia Williams, whose home was foreclosed on last year. “It is a small step, but has the potential to provide real relief for many homeowners struggling to get a fair deal from their banks.”