Florida Supreme Court Reconsidering Foreclosure Mediation Program
Palm Beach Post
September 26, 2011
In 2009, the Florida Supreme Court ordered all homesteaded properties to do mandatory mediation in order to reduce judicial caseloads and help borrowers avoid foreclosure. Through the use mediation, lenders and borrowers can employ various tools such as loan modifications, deed-in-lieu of foreclosure, or a short sale to avoid foreclosure.
In the state, “3.6 percent of all cases referred to mediation in a yearlong period beginning in March 2010 ended in a written agreement between the lender and homeowner. In Palm Beach County, 1.6 percent of the 4,632 referrals made ended in a written agreement.” Although the numbers don’t look that great, Judge Burton Conner believes banks will eventually see the benefits of mediation