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Few Owners of Homes in Pre Foreclosure Benefit from Florida Mediation

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By : John Cutts    99 or more times read
Homeowners facing foreclosure troubles and those who own homes in pre foreclosure in Florida were supposed to be getting help from a program launched in December 2009 wherein the state's Supreme Court had ordered lenders to meet with borrowers and try to come up with an alternative to foreclosure. However, reports showed that the program failed to fulfill its designed purpose, with only a few troubled borrowers benefiting from the program.

With huge supplies of foreclosed properties all around the state, including Miami foreclosures for sale, market observers expected a lot more borrowers to take advantage of the program. However, as of June 2010, only 6% of borrowers who qualified under the program were able to secure an agreement that saved them from foreclosure.

According to analysts, there are various reasons for the dismal result, but there also signs that the outcome can be improved. They explained that the project failed to make any significant headway towards lowering the number of Florida bank foreclosures for sale because several areas in the state were slow in implementing the program, with most of them not giving the effort much focus until July.

In addition, judges were unable to let owners of homes in pre foreclosure and other troubled borrowers know that such a program was out there to help them. Also, a big number of homeowners did not know how to go about acquiring assistance and for those who did, most were reluctant to do so or were wary of its effectiveness. Local analysts stated that a big number of troubled homeowners might have missed the chance of getting help because of these factors.

However, analysts report that there have been recent signs that the program is hitting its strides in terms of helping owners of properties under bank foreclosure home listings. They revealed that several counties have stepped up their efforts to inform homeowners of the program, including calling them and sending informative letters.

In other areas, local bar organizations have been hired to handle the program, while other communities look to local nonprofit groups to help reach owners of homes in pre foreclosure. These associations, reports revealed, were primarily concerned with convincing homeowners that the program is legitimate and can really help them.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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