Bookmark this site
Attention Pinellas and Pasco County homeowners facing foreclosure. Starting this week, a new court-ordered mediation program is in place to help. Those homeowners who are contacted about participating should not fear it is a scam preying on the desperate. This program will allow homeowners to deal with their lender directly and may lead to a resolution that could allow them to keep their home.
Under the Foreclosure Mediation Program, lenders are obligated to meet with the homeowner and a certified mediator to try to work out a payment plan going forward. That could mean a loan modification, extended loan terms or a short sale, where the outstanding mortgage is satisfied by the sale even if the sale brings in less than what is owed. This should address the most persistent foreclosure complaint heard in the court system — financially strapped borrowers often find it impossible to get in touch with their lenders. The person who participates in the mediation on behalf of the lender must have the authority to cut a deal, making it less likely that lenders will simply go through the motions.
Read more from Tampa Bay.com
