TALLAHASSEE, Fla. – June 10, 2010 – To reduce the number of foreclosure cases burdening the courts, the Florida Supreme Court ordered judges in the Sunshine State to implement a mediation program.
The 12th Judicial Circuit covering Sarasota and Manatee counties has become the 10th to do so. Beginning June 21, owners of homestead properties in foreclosure will have an opportunity to talk about interest rate reductions, short sales, and other alternatives to foreclosure with lender representatives. Mediators familiar with lenders’ past offerings to distressed borrowers will participate in the meeting, and judges will dismiss cases if the two parties come to an agreement.
Florida had the third highest rate of distressed properties in 2009, with foreclosure notices given to one of every 19 homeowners in the two counties. A Collins Center report on pilot programs in three judicial circuits over a year-long period indicates that attorneys for banks and lenders often are too busy to notify the mediation program of foreclosure lawsuits, and when notifications have been made, only 50 percent of homeowners have been contacted.
However, approximately 67 percent of homeowners who participated forged agreements with their lenders, although most lenders are not offering principal reductions.
Source: Sarasota Herald-Tribune (FL
The 12th Judicial Circuit covering Sarasota and Manatee counties has become the 10th to do so. Beginning June 21, owners of homestead properties in foreclosure will have an opportunity to talk about interest rate reductions, short sales, and other alternatives to foreclosure with lender representatives. Mediators familiar with lenders’ past offerings to distressed borrowers will participate in the meeting, and judges will dismiss cases if the two parties come to an agreement.
Florida had the third highest rate of distressed properties in 2009, with foreclosure notices given to one of every 19 homeowners in the two counties. A Collins Center report on pilot programs in three judicial circuits over a year-long period indicates that attorneys for banks and lenders often are too busy to notify the mediation program of foreclosure lawsuits, and when notifications have been made, only 50 percent of homeowners have been contacted.
However, approximately 67 percent of homeowners who participated forged agreements with their lenders, although most lenders are not offering principal reductions.
Source: Sarasota Herald-Tribune (FL
No comments:
Post a Comment