Florida Supreme Court Adopts Foreclosure Mediation Rules

Florida Supreme Court Adopts Foreclosure Mediation Rules

From : the Associated Press, Feb 11, 2010

Florida Supreme Courts adopts ruling to force lenders into mediation in effort to reduce future foreclosures

Lenders will be required to pick up the tab for investigating and verifying ownership before foreclosing Florida home mortgages under new mediation rules.

The Florida Supreme Court adopted the rules Thursday in an effort to help the state’s judicial system better cope with a flood of such cases.

Florida has the nation’s fourth-highest foreclosure rate. Court records show almost 400,000 foreclosure cases were filed in Florida’s courts last year.

The decision was unanimous except for a provision that requires prior approval of a judge before a foreclosure sale can be canceled. Two of the seven justices dissented on that rule