Funding Available for Florida Foreclosure Mediation Program
Twelfth Circuit Judge Lee Haworth is reaching out to the communities of Sarasota, Manatee and DeSoto counties with a mediation program scheduled to start in April.
The program is for homestead properties in foreclosure and must be run by a proven nonprofit group and the lenders will pick up the tab of $750 cost. This third party will help the homeowner exchange financial information with the lender's representative to determine if options such as a loan modification is doable. With the inclusion of a Supreme Court certified mediator in the program it is hoped that a homeowner might get a loan modification through mediation. However, the fact is that many slip back into foreclosure in less than a year because lenders are not reducing the amount owed.
The success of the program remains to be seen.
It is important for homeowners to respond within the time period mentioned on the letter that is included with the court Lis Pendens documents that are served. This is a matter of writing a simple letter to the attorney that filed the paperwork for the bank foreclosing and telling them that you would like to be notified of the Summary Judgment hearing date when it is determined. This letter should also be sent to the courthouse clerk. This allows one to appear in court to discuss the foreclosure. If you don't show up then your chances of having a mediator help are slim. So, a note to distressed homeowners; Don't stick your head under the covers and hope this all goes away. Get pro-active. Learn about the process. There is a lot of information and you can find current updates at
http://ping.fm/NUP6g a great blog about foreclosures and mortgages. Get answers to commonly asked questions at
http://ping.fm/fQaEw.