Florida Mediation Order – Will it Slow the Tide of Foreclosures?

This administrative order is from the Florida counties of Pasco and Pinellas. I think Florida is waaaaaaaay ahead of us out west in terms of how the state is dealing with the foreclosure problem. It certainly helps that they are a judicial foreclosure state.

I think eventually we’ll have some similar rules or legislation that will start appearing in other states that were hit hardest, such as Arizona, California and Nevada.

Neil Garfield’s analysis mentioned that the Order has persuasive value, and I agree.

As a side note, I have to give Neil Garfield props – from a law student’s perspective, he has done an excellent job of drawing a literal road map for anyone (like me) who wants to see homeowners win. His recent posts have been very valuable and highly instructive . I’ve been quoting him a lot lately because he has been spot on for so many things I’m seeing — why reinvent the wheel?

The Administrative Order requires proof of the lender’s status, the actual authority of a designated person in writing in their position as a decision maker, makes it clear that the note is actually legally payable to the pretender lender that wants to foreclose, and whether they have a live person who has authority to mediate, execute a satisfaction of mortgage or otherwise has decision making authority to settle the matter.

As Garfield says, this eliminates virtually 100% of pretender lenders, which in turn eliminates 100% of all foreclosures. Let’s hope so – I think in the short term it will slow things down, but I’ve seen them change their strategies as they get kicked.

At any rate, it will be interesting to see how this impacts the Florida foreclosure process.

5.08.10 Florida Mediation Order

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****CHRISTINE SPRINGER IS NOT A LICENSED ATTORNEY. THIS BLOG IS COMPRISED OF HER OPINIONS, OBSERVATIONS AND INTERPRETATIONS AND IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE. PLEASE CONSULT WITH AN ATTORNEY BEFORE RELYING ON OR TAKING ANY ACTION BASED ON THE INFORMATION IN THIS BLOG.****

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