All New Foreclosures of Primary Residences in Florida Must be Mediated

Click the title to see the full article. This order will probably slow the flow of new foreclosures hitting the resale market in 2010.



TAMPA, Fla. – Jan. 5, 2009 – Florida homeowners facing foreclosure may soon get one last chance to negotiate with lenders trying to take back their homes.

The Florida Supreme Court issued an administrative order last week that requires a third-party mediation program with all new foreclosure lawsuits involving primary residences.

The goal of the order, written by Chief Justice Peggy Quince, is to help handle the state’s glut of foreclosures. An estimated 456,000 foreclosure cases statewide are clogging the court system, she said.

Florida has the third-highest mortgage delinquency rate in the nation, according to the order. “The crisis continues unabated,” Quince wrote.