What is a foreclosure mediation program?

A foreclosure mediation program is a voluntary process that provides an alternative to the formal foreclosure process in Florida. It gives homeowners an opportunity to work with their lender to find a mutually agreeable solution for their mortgage delinquency. The program was created by the state of Florida to help struggling homeowners keep their homes. The foreclosure mediation program is offered to homeowners who are in danger of losing their home due to foreclosure proceedings. The program provides an alternative to long and expensive courtroom proceedings and allows both the homeowner and the lender to negotiate a solution that is mutually beneficial. Homeowners may be able to modify their existing loan or work out a repayment plan. The foreclosure mediation program is managed and monitored by the Florida Supreme Court and involves a neutral third-party mediator who helps both parties reach an agreement. In many cases, the mediator will suggest a compromise, which both parties must agree to in order to reach a resolution. The mediator is a neutral party and does not take sides in the dispute. If an agreement is met, the homeowner will be able to keep their home and the lender will receive the money it is owed. If the parties cannot reach an agreement, the foreclosure process will continue and the homeowner will lose their home and the lender will receive any remaining money from the sale of the home.

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What is a foreclosure mediation program?

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