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Beginning Monday, Palm Beach County homeowners facing foreclosure will be guaranteed a chance to negotiate a different ending with their lenders as the courts try to reduce a foreclosure overload.
All foreclosures filed on or after Monday are subject to a new state Supreme Court order requiring mediation on homesteaded properties before a foreclosure hearing is held.
The mediations, which will be managed by the Palm Beach County Bar Association, are supposed to give owners and lenders a chance to see whether an alternative to foreclosure, such as a loan modification, deed in lieu of foreclosure or short sale, is an option.
If so, the foreclosure exits the court system, alleviating an estimated 52,000-case backlog.
Read more from the Palm Beach Post
