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Foreclosure Mediation
by: Judy Law

According to a 12/19/2011 article in the Miami Herald:

"Florida’s mandatory foreclosure mediation program has been terminated, according to a letter signed Monday by Supreme Court Chief Justice Charles Canady.

The program, established in 2009, required lenders to participate in a mediation process with struggling borrowers prior to repossessing a home. In October, a task force of judges recommended that the program be ended, due to its low success rate.

Earlier this year, a report showed that only 4 percent of cases eligible for mediation ended in a settlement.

In many cases, borrowers were not contacted. When they were, the success rate for mediation settlements rose to 27 percent. Settlements can include a loan modification, short sale or deed-in-lieu of foreclosure.

Cases currently in line for mediation will continue, but no new cases will be referred to a mediation under the state’s mandatory program."



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