Foreclosures have been a major issue in Florida in recent years. In the past few years, many homeowners in Florida have faced mortgage struggles and foreclosures. Florida has tried many different methods to address the issue of foreclosures.
One of these methods is the state’s foreclosure mediation program. The program came about from a December 2009 order by Florida’s Supreme Court. Reportedly, the program was aimed at helping homeowners avoid foreclosure and reducing the caseload pressure on Florida courts.
Some statistics that have come out regarding the program appear to indicate that its success at achieving these goals has, thus far, been somewhat limited. Reportedly, in a one-year period which began in March of 2010, only 3.6 percent of the cases that were referred to mediation through the program ended with a written agreement being reached by the involved homeowner and lender.
It appears that the foreclosure mediation program will now be under review. According to an article on the Palm Beach Post’s website, Florida’s Supreme Court recently created a committee of six individuals which reportedly will review the program and make a recommendation about its future.
This gives rise to some interesting and important questions. What will this committee ultimately recommend regarding the foreclosure mediation program? What actions will the state take in connection to the committee’s eventual recommendation? Will the review of the program lead to the program being changed or dropped? It will be interesting to what the answers to these questions ultimately turn out to be.
Source: The Palm Beach Post, “Florida Supreme Court reconsidering foreclosure mediation program,” Kimberly Miller, Sept. 26, 2011