Foreclosure Mediation Program Expands in Northeast Florida
A foreclosure mediation program that helps homeowners meet with their lenders face-to-face to try to work out a loan modification or other way to help prevent foreclosure is expanding in Northeast Florida, according to the Florida Times-Union.
A foreclosure mediation program is already in place for the Fourth Judicial Circuit, which includes Duval, Clay and Nassau counties, and is being administered by the Jacksonville Bar Association. According to program statistics, there are currently over 500 homeowners participating in that program.
Another foreclosure mediation program was launched in July for the Seventh Judicial Circuit, which includes St. Johns, Flagler, Volusia and Putnam counties.
Any homeowner facing the foreclosure of a primary residence is eligible to participate in the foreclosure mediation program. The first step in the program is mandatory credit counseling for the homeowner, which is being administered by Jacksonville Area Legal Aid. Homeowners meet with a counselor to go over their household budget and to ascertain if they are available for any of the federal mortgage modification programs.
Following that, homeowners then meet with their lenders and an impartial mediator to negotiate a mortgage modification, short sale, deed in lieu of foreclosure or any other options. If no compromise can be reached, foreclosure proceedings will continue, since lenders cannot be forced to accept a compromise.
Greg Gilbert
Keith Maynard
