July 21, 2010 – (RealEstateRama) — Pursuant to P.L. 2009, ch. 402, An Act to Preserve Home Ownership and Stabilize the Economy by Preventing Unnecessary Foreclosures, parties to foreclosure mediation must complete in full the Net Present Value (NPV) Worksheet developed by the Federal Deposit Insurance Corporation (FDIC). To complete the FDIC NPV, the parties are required to produce information about the borrower’s monthly gross income, terms of the original loan, status of the delinquent loan, property value, among other specific inputs related to projected costs of foreclosure. For more information about the FDIC NPV, please see the FDIC web site www.fdic.gov/consumers/loans/loanmod/loanmodguide.html.
In order to facilitate completion of the FDIC NPV in foreclosure mediation, the Foreclosure Diversion Program is posting on its web site a regional survey of values from selected input fields of the FDIC NPV; these values have been collected from FDIC NPV worksheets used in actual mediations since the Program’s statewide launch in January. The selected input fields include: Home Price Appreciation Forecast; REO Stigma Discount; Projected Months to Foreclosure Sale; Projected Months to REO Sale; Cure Rate; Projected Re-default Rate after a Modification; Projected Months to Re-default; and Projected Home Price Appreciation from current date. The regional survey can be found here www.courts.state.me.us/courtinfo/fdp/attnyfaq.html.
In advance of a scheduled foreclosure mediation, plaintiff and plaintiff’s counsel are asked and encouraged to submit their own information for these input fields when reliable information is available. It is in plaintiff’s best interest to have the FDIC NPV worksheet completed with information that is based upon plaintiff’s actual experience. However, the regional values may be used when plaintiff or plaintiff’s counsel does not have access to better information.
For questions about this regional survey, please contact Lauren Blake Weliver, Manager of the Foreclosure Diversion Program, at 822-0706 or at FDMP (at) maine (dot) gov
By Judicial Branch
