For Buyers, For Sellers, Foreclosures

Florida Panel Urges Mediation on Foreclosures

A panel chaired by the Florida judiciary is recommending strategies to clear out the backlog of foreclosed properties in the state, including mediation for primary homes and a fast-track plan for vacant and abandoned properties.

The 15-member panel chaired by Circuit Judge Jennifer Bailey of Miami agreed that managed mediation should be required for primary homes in foreclosure unless both the borrower and the bank agree to opt out.

Opponents to the plan said mandatory mediation would slow the process.

Source: The Associated Press