As many readers of this blog already know, foreclosure mediation is booming across the country. Many states with judicial foreclosure procedures (as opposed to non-judicial foreclosure states) are requiring mediation before any hearings on the foreclosure process. Add Florida with its strong ADR practices to the list. The Florida Supreme Court’s residential-foreclosure task force is recommending that all cases involving the foreclosure of primary residences be mediated. See the full story here.
Mediating should benefit some of the homeowners as well as the financial institutions holding the notes.
Well, a state like Florida with a really high foreclosure rate would be well-served in mediating as many foreclosures as they can so that more people might be able to keep their homes and make things better for their economy.