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Foreclosure mediation program meets its end

As we have mentioned before on this blog, in recent years, Florida has tried many different ways to address the issue of foreclosure.

It has been reported that one foreclosure-related program in Florida has recently met its end.

The program in question is Florida's mandatory foreclosure mediation program. The program was instituted by Florida's Supreme Court in 2009. The program was aimed at trying to reduce foreclosure caseloads and help homeowners avoid foreclosure by getting lenders and homeowners to enter mediation prior to foreclosures.

The program came under criticism for having a low success rate. According to one report, settlements were reached in only about 4 percent of cases that qualified for mediation under the program.

Earlier this year, a committee conducted a review of the mandatory foreclosure mediation program. At the conclusion of this review, the committee recommended that the program be brought to an end.

Reportedly, Florida's Supreme Court has now terminated the mandatory foreclosure mediation program. According to the article on the Miami Herald's website which reported this story, as part of this termination, no new cases will be referred to mediation through the program. However, cases that are already in the program will reportedly continue through the mediation process.

One wonders what sorts of foreclosure programs the state will implement moving forward from the demise of the mandatory foreclosure mediation program. One also wonders what lessons Florida will take from the now-terminated foreclosure mediation program and how the state will apply such lessons in the future.

Source: The Miami Herald, "Florida's foreclosure mediation program ends," Toluse Olorunnipa, Dec. 19, 2011

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