Warning: Constant ABSPATH already defined in /home/flanews/public_html/wp-config.php on line 34
Capitol News Service » Blog Archive » Florida Supreme Court Foreclosure Task Force

Welcome to

Capitol News Service

Florida's Best Political Coverage on Television

 


 


 


Recent Posts

RSS Quote of the Day

  • Charles Baudelaire
    "Everything that is beautiful and noble is the product of reason and calculation."
  • Wilson Mizner
    "The best way to keep your friends is not to give them away."
  • Benjamin Disraeli
    "Silence is the mother of truth."
  • H. Jackson Brown, Jr.
    "Never forget the three powerful resources you always have available to you: love, prayer, and forgiveness."

Florida Supreme Court Foreclosure Task Force

November 4th, 2009 by flanews

Foreclosures are clogging the state court system, so The Florida Supreme Court is recommending mandatory mediation between lenders and barrowers who have defaulted on their loans. But, as Whitney Ray tells us, not everyone thinks mandatory mediation is the best solution.

Fed up with foreclosure filings bogging down the state’s court system Florida Supreme Court Justices are using the bench to fight the problem. The high court formed a foreclosure taskforce and is recommending changes to the way lenders and barrowers handle mortgage defaults. Mandatory mediation for homesteaded properties is one recommendation.

State Senator Dave Aronberg is sponsoring similar legislation that would allow down and out borrows to reduce their payments.

“A homeowner could stay in the home, pay a little bit each month and the bank would have a lien towards the end, so the homeowner would still owe the amount. There’s not free lunch here,” said Aronberg.

But for homeowners who have lost their jobs and are out of cash, mediation would simply delay the inevitable. The Florida Bankers Association says mandatory mediation could bog down the courts even more. Bankers say barrowers should have a choice.

“I think they should be treated like the grownups that they are and allow them to say yes I want to do this and I’ll put a reasonable amount of money into the process or no I don’t want to do this because it’s just not worth it to me,” said Virginia Townes, who addressed the justices on behalf of the association Wednesday.

The justices are still considering an opt out option for barrowers who have given up on saving their property. Still hanging in limbo is the question of who will pay for the bulk of mediation which costs an estimated 750 dollars. Some say the lenders should foot the bill, others suggest a 50 – 50 split.

Posted in State News | 17 Comments »

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

copyright © 2016 by Capitol News Service | Powered by Wordpress | Hosted by LyonsHost.com