Do I Have To Go To Mediation To Save My Home?
With a large part of the American public facing foreclosure, a question that frequently arises is how the case gets resolved. Some cases go to trial, with the homeowner challenging the foreclosure as wrongful. Still yet, some cases are settled out of court through arbitration or mediation. There is always more than one way to get something done, and saving your home from foreclosure is no exception.
In Florida, a program has been put in place for mediation of foreclosures. The process is aimed at keeping the owner in their home, and does so by:
● Seeking modification of the mortgage loan.
● Getting the lender to agree to place deferred payments at the end of the loan, and allow the borrower to resume payments without a delinquency.
● Working towards a reduced interest rate, which results in lower payments that are more manageable for the homeowner.
Being ordered to participate in mediation does not necessarily mean the parties have to reach a resolution at the meeting. If the process does not yield results, the parties can ask the Court to make a decision. It is also possible to revisit the process at a later stage in the litigation. Sometimes what seemed like an unsatisfactory result can being to look more doable after more facts are revealed throughout the case. If you have exhausted your efforts in Court and at mediation and are still unable to formulate a plan with your lender that keeps a roof over your head, you can also consider restructuring your mortgage debt through a bankruptcy proceeding. Call our office for more information. We will explain your options so you can make an informed decision.
If you need help with saving your home, call our office. We explain the different processes, and help you reach results that fit the facts of your case. Call a Plantation, Florida debt relief attorney today for more information.