If you are facing foreclosure, and the property being foreclosed is your primary residence, you may want to attempt a mediation prior to giving up on the possibility of saving your home.  Homesteaded properties where the bank has filed a foreclosure summons are eligible for mediation as long as the mortgage falls under the federal truth in lending act regulations.

After you receive a foreclosure summons, you should contact a foreclosure defense attorney.  Included with the summons will be an explanation of the court required mediation program.  Mediation fees of up to $750 are paid by the bank.

Between 60 and 120 days after the summons is received, a mediation program manager will contact your attorney. You will fill out a financial disclosure form and meet with a foreclosure counselor.  A mediation session between you and lender is scheduled.  If mediation is successful the case is settled.  If there is no resolution, the case proceeds in litigation.

The mediation will be held in the mediator’s office or a room provided by a mediation service.  The lender or the lender’s designee will likely attend via speaker phone.  Using your financial information, the lender should be able to tell you during the one- to three-hour meeting whether you are eligible for an alternative to foreclosure such as a short sale, deed in lieu or loan modification.

Your attorney should be well-versed in the mediation procedure and the risk and rewards that go with a loan modification.  For more information, contact the certified mediators and experienced Florida foreclosure defense team at Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com.