Mortgage mediation services in Miami-Dade County.
A program started by Miami and Dade County will offer mortgage help to homeowners with a foreclosure, and the assistance comes in the form of free mediation. The mediator will ensure that Florida homeowners have a chance to get a mortgage loan modification or other help in an effort to prevent foreclosures. Find information on foreclosure mediation in the Miami area.
This assistance program will help ensure that borrowers and mortgage lenders are communicating, which is something that does not appear to always be happening right now.
How mortgage mediation works
This mortgage program, which goes under different names including CHAMP, as in the Circuit Homestead Access to Mediation Program, will require that lenders need to contact the borrower. The program is administered by the 11th Judicial Circuit of Florida as well as the government in Miami, Florida and the 311 service.
The mortgage servicer/lender needs to contact the homeowners within five days of filing a foreclosure notice. Then the court system, including free legal aid lawyers from Legal Services of Greater Miami will quickly reach out to homeowners to let them know both financial counseling and mediation are available. The court and the county will also arrange the mediation process.
When the loan mediation process occurs, banks and lenders that have the authority to approve a settlement, including modifying the mortgage, must be present in order for the foreclosure to proceed. Those lenders that do not comply with this rule face having their foreclosure cases thrown out of court. The county foreclosure prevention services as well as the court system mandate this.
Overall, this mediation process should take no longer than 120 days and it is not a big expense as it should cost a lender a minimal amount per filing. This mediation process should help reduce the number of foreclosures occurring in Miami and Dade County.
Some banks are unhappy with this mortgage aid. They say that before a bank or lender files a foreclosure notice, that they have already done enormous amounts of up front research and work to contact a borrower and reach some kind of loss-mitigation agreement or loan modification. Also, lenders claim that they have already picked up the pace of mortgage loan modifications among delinquent borrowers. Either way, mediation is an option for struggling homeowners in Miami Dade County.
Phone number
For more information on mediation and legal options in the Miami area, call (305) 576-0080. Free mediations, credit counselors and other professionals help homeowners keep their home.
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