Borrowers that are falling behind on their mortgage, but that have not yet been sued by their lender, may now be able to participate in a mediation prior to litigation. This new pre-file/pre-suit mediation program will be available to certain homeowners with delinquent and defaulted mortgages that are approaching the foreclosure filing stage.
Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.
Conceptually, bringing together homeowners and mortgage lenders before a foreclosure filing potentially saves homeowners, lenders and our overburdened state courts time and money. Fannie Mae has mandated that its servicers participate in pre-file mediations on Florida loans that are eligible for the program.
The pre-file/pre-suit mediation is only eligible to properties that are homesteaded in Miami-Dade County. The pre-filing mortgage mediation program will be initiated by the lender upon the 65th day of delinquency, at which point a determination of the loan’s eligibility for the pre-file program will be undertaken. If eligible, financial counseling for the homeowner will be arranged and mediation appointment with the homeowner and the lender’s representative will be scheduled.
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We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.
Call us today toll free at 1-866-518-2913 or at 305-263-7700.