What is pre-suit or pre-filing mediation?
Pre-suit also, called pre-filing mediation, is the same as mediation, which occurs after a lawsuit has been filed but with greater benefit because it takes place before a foreclosure action is filed in court against you. Therefore, there are no filing fees, less stress, impact on credit reports, etc. Once a lawsuit is filed, it is public record. Credit reporting services monitor court records and note the filing of a foreclosure on a person’s credit report. Pre-suit mediation that results in a mutually acceptable agreement may avoid a public record, save expenses, and solve a problem (like non-payment).
