Nov 08 2008
North Miami Mayor Proposes Foreclosure Moratorium
Miami-Dade County is dubbed the foreclosure capital of the state of Florida, and now the county could be taking on the most drastic housing relief effort to date.
If Miami-Dade’s chief judge approves this moratorium, it could stop all foreclosures for four months, starting as soon as November 1st. It’s a measure that could eventually be adopted in all counties across the state.
Roughly 36 families are evicted everyday, and a local mayor is proposing to put a stop to it.
“I think it will be immediate relief that could happen within weeks for the residents of our county,” said North Miami Mayor Kevin Burns.
Burns wants a countywide moratorium on foreclosures, oddly enough one that even the banks could support. The program is mirrored of what Philadelphia started this summer that has remarkably saved 80% of their homes in foreclosure.
“If they can do it in Philadelphia, the City of Brotherly Love, I think they can do it the City of North Miami but also in Miami-Dade County,” said Burns. “And I assure you that if the Chief Judge approves it here in Miami-Dade County, they’ll do it throughout the state of Florida.”
The plan is pretty simple: There would be a 120 day halt to all existing foreclosure filings, and new filings would be sent to mediators within 45 days of the filing. Essentially banks and homeowners would be forced to meet to work something out.
Additionally the moratorium would give homeowners and banks time to take advantage of new assistance programs approved by Congress but haven’t been rolled out.
With the backing of the North Miami Council Tuesday night, the plan is now headed to the chief judge of the circuit court. His decision could not only keep South Florida families in their homes, but perhaps keeps the rest of the state’s homeowners as homeowners.
Palm Beach and Seminole Counties each have similar administrative orders that provide mediation to those homeowners that request it. In the “Foreclosure Defense Secrets” eBook, I thoroughly explain how to request mediation and make the most of your opportunity to mediate. I also include the motions and orders that are necessary to file with the court in order for the judge to make mediation mandatory.
For more information, visit www.ForeclosureDefenseSecrets.com.
