Dec 19 2008
Mediation Always An Option
This past May, an administrative order was passed in Palm Beach County that provided a new procedure to encourage the working out of defaulted loans. Institutional mortgagees must now provide the name, address, telephone number, and fax number of the office of the plaintiff’s representative who has the authority to re-work or otherwise modify the existing loan, along with the total amount due, at the time they file the complaint.
The requirement immediately opens the lines of communication and solves the problem of the borrower not being able to get ahold of anyone at the bank. Those parties that who wish to resolve their matter and get back on track have the ability to exchange information and can request a mediator to finalize any pending issues. For homestead debtors, this is a great opportunity the matter effectively and efficiently.
However, mediation only works with parties that are open minded to consider alternative choices to the pending situation. If the banks are unwilling to renegotiate their loans in situations where the debtor wants to pay but cannot, there is no room for negotiation. In these situations, you need to force the bank to negotiate by using the legal system to your advantage. Find out how at www.ForeclosureDefenseSecrets.com.
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