Is Florida Foreclosure Meditation Right For You?
Going to mediation is such an overwhelming process. It almost feels like going to a criminal trial without being represented. Everything is recorded and the bank is represented by a seasoned lawyer. Although the system was treated with good intentions, mediation is not in your best interest. For starters the mediator is not allowed to give you any legal advice if they could. They are armed with only basic foreclosure knowledge. With only this knowledge how is a mediator suppose to stand up next to the foreclosure department of a big time bank. The only solace you have is the fact that you are allowed to have an attorney present.
The mediation process shows signs of failure even before you know it’s starting. the bank nor the mediation center is required to call you and inform you of this option. Once the foreclosure suit is filed, you are mailed a letter telling you to call the mediation center to start the process. Have you opened any mail pertaining to your current foreclosure crisis? If you haven’t, there’s a good chance you probably will ignore this letter.
It’s great that you are an open communication with your lender, and throughout the foreclosure process you should continue to communicate with them. If you do not request any information from the banks prior to the mediation process, the banks will know everything about you (Your current financial status, W2’s, Bank Statements, etc) and you will have nothing to leverage your position against them.
Mediation is not all bad, if you are prepared and have the means to leverage your banks, you may be able to get your loan modified, but with the current economy, chances are very slim you’ll get this accepted. Most likely you will end up with the only option you do not want, a deed-in-lieu of foreclosure. This is a foreclosure minus the legal battle and all the negative side effects that come with a foreclosure.
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