Mandatory mediation for residential homesteaded property foreclosures in Florida
Florida’s Supreme Court has issued an order requiring mediation on all homesteaded residential real estate before a foreclosure hearing can be held.
The mediation guarantees homeowners will have a chance to discuss loan modification and short sale options with their lenders in lieu of foreclosure.
The mediation must take place between 60 and 120 days after a foreclosure suit has been filed and the lender is responsible for the mediation fee.
This is a positive for homeowners of homesteaded properties. Early reports are that a high percentage of these mediations have already resulted in settlements. It will, at minimum, delay the foreclosure process and give homeowners a better idea of how long they can remain in their homes.
West Palm Beach Mgmt
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