Oftentimes coalitions are formed in the negotiations of a 'multi-party nature.
The mortgage company will be bound by certain Federal regulations in their handling of all types of disputes that would be affected by the Fair Debt Collection Practices Act. The contracts of most mortgage companies have specific stated provisions for arbitration and mediation which are both alternative dispute resolution methods. Mediation is the process of resolution with an impartial facilitator while Arbitration is a process in which the impartial party makes the decision which is binding on the parties. There are other aspects of legality in the ADR Process of a mortgage company. One of these is the "agency" or the identification of the individual or firm who represents individual interests in the case resolution. There too may be a "limited dual agency' expressed in the situation where the agent [who is selling a property] and the buyer [the purchaser of the property] are both represented by the same agent who has obtained the permission of each party to act in their behalf in the capacity of a 'limited-dual-agency." The Federal Trade Commission Mortgage Servicing (2004)
Summary and Conclusion:
The case stated above is a textbook model for 'alternative dispute resolution' in that the expediency in the reaching toward an agreeable alternative by the parties in the attempt to find resolution of the matter. This initiative is optimum in terms of the conditions required to for the beginning of negotiations. Negotiations should begin immediately upon discovery of the dispute in order to avoid a resulting 'hardening' of the parties thinking which is not contusive to and only prolongs the dispute.
It is important that the individual is properly informed of the legalities in the Mortgage ADR Process. Within the mortgage lending company sector there are those mortgage companies that are considered to...
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