Lenders Say Foreclosure Mediation in R.I. Has No Limits on Expense, Time

November 4, 2013
Providence Journal (Rhode Island)  
mortgage lending news

In Rhode Island, people living in their houses while they fight foreclosure have paid nearly $4.5 million in "use and occupancy" fees, according to a new report on a federal court plan established to mediate the state's foreclosure crisis.

The report, filed by special master Merrill Sherman, covers January 2012 to Oct. 15 -- although Sherman says there are still 744 active foreclosure cases pending in court. Collection of the use and occupancy payments ended on Sept. 1, as part of an appeals court order that terminated an injunction blocking foreclosures and evictions from proceeding in the pending foreclosure cases.

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