March 2010

Under new rules approved by the Florida Supreme Court last week, lenders will be required to pay for investigating and verifying ownership and going to mediation before they can foreclose on Florida homes. Since Florida has the fourth highest number of foreclosures in the country, any help is appreciated. The decision was unanimous except the law requires that lenders will need to get an approval of a judge before a foreclosure sale can be cancelled.  [Justices Charles Canady and Ricky Polston dissented.]

 This should help to eliminate some of the foreclosure cases in the Florida court system, and prevent foreclosure actions against borrowers who no longer own the properties. Lenders have so many mortgages in default that mistakes are made