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January 24, 2010
Florida Supreme Court Adopts Mediation Program for Residential Foreclosures
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Florida Supreme Court Adopts Mediation Program for Residential Foreclosures
Posted by: Marlyn Wiener
January 24, 2010
Topic: Foreclosures
The mediations will be conducted in single sessions of about three hours and cost $750. Lenders will pay the fee, but can claim it back if the mediation fails and the home goes into foreclosure Homeowners start the process by attending a mandatory counseling session that explains the process. A mediation session is then scheduled for 60 to 120 days after a foreclosure case is filed.
The mediation program only affects homesteaded residential properties. It does not apply to second homes, investment property or commercial real estate. A homeowner may opt out of the program. If mediation does not result in a successful resolution of the foreclosure (i.e. loan modification, approval of short sale or deed in lieu of foreclosure) the case will be directed back into the court system for completion as a conventional foreclosure action.
