With over 450,000 foreclosures cases pending in Florida the court has ordered manatory mediation for homesteaded property owners. This will give thousands of Floridians a chance to retain their homes. The mediation will involve third party negotiators refereeing between the lenders and the homeowners. This move is aimed at unclogging the the circuit courts which have become bogged down with caesloads.
In theory it will resolve many of the foreclosures. Though it is not expected that the lenders will reduce the actual amount of the loans it may lead to lower interest rates, easier terms and sometimes forgiven or postponed payments. The cost of $750 will be charged to the lenders for the mediation but may be forgiven if the mediation fails and foreclosure proceeds.
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