The Real Deal Miami

Mediation may not offer all the answers

January 04, 2010 12:54PM

The recent state Supreme Court ruling that mandates mediation for all homesteaded foreclosure proceedings will help people in trouble with their mortgages, but may not be a cure-all for their basic troubles. Mediators said short sales and deeds in lieu of foreclosure will be common outcomes and sometimes there will be little to negotiate. Oftentimes, the actual process consists of a computerized assessment of a homeowner’s finances by the lender, which calculates eligibility for loan modifications, according to Shari Olefson, a Fort Lauderdale real estate attorney and foreclosure mediator. The computer does not bargain, she said. [Palm Beach Post]