Friday, July 23, 2010

Mandatory Lender Mediation Begins in South Florida

The Florida Supreme Court is requiring that all lenders undergo mediation with their delinquent borrowers before they can file for a foreclosure judgment. This month it is going into effect in both Broward and Palm Beach Counties.

In Broward, the American Arbitration Association has established 23 mediation rooms in an office building that is across the street from the county courthouse in Fort Lauderdale.

Now we will have to wait and see if this process will prove effective at reducing the number of foreclosures in the state.

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