The Florida Supreme Court Task Force on Residential Mortgage Foreclosure Cases issued its final report on August 17, 2009. In this 51 page report the task force described the mortgage foreclosure crisis from the mortgage owners and borrowers’ perspectives. In its report the task force finds mediation is a potential start to finding solutions to the crisis.
You can read the report at: http://www.floridasupremecourt.org/pub_info/documents/Filed_08-17-2009_Foreclosure_Final_Report.pdf
If you are being sued in a foreclosure case involving your home you may be required to mediate. You will be required to provide the Plaintiff’s attorney with financial information. The Plaintiff is the party bringing the lawsuit. You also have the right to ask the Plaintiff to provide all of the documents which prove they have the right to file the foreclosure lawsuit. These documents include the mortgage and note. If the Plaintiff is different from the company listed on the mortgage and note, you also have the right to ask for all of the assignments and endorsements showing the transfer of your loan to the Plaintiff, a life of loan history of your payments, a statement of plaintiff’s position on the present net value of the loan and an appraisal.
The plaintiff is supposed to be represented at the mediation by a person who has the authority to reach an agreement to settle your case. You may want to speak to an attorney to determine if you have claims relating to events that occurred when you obtained your loan or the way your loan was collected (or serviced). Your options in mediation should include a reduction in loan principal and/or interest, a reduction in monthly payments or a reasonable repayment plan that you can truly afford.
If you feel the mediation was not effective because the Plaintiff was not willing to work with you to try to settle the case with a reasonable and feasible repayment plan, you may want to file a paper in the foreclosure case letting the judge know you believe the mediation was not in “good faith.”
You also have the right to comment on the report or on before October 15, 2009. Send your comments to e-file@flcourts.org.
Recent Article in Washington Post about Benefits of Housing Counseling
November 6th, 2009 at 1:18 pm
You have to wonder if all the steps intended to help people are simply resulting in the prolongation of the inevitable. Housing needs to be corrected to reflect supply and demand by those capable of paying the amount that the market dictates they are worth. It may be less painful in the end to just get it over with.