Bankruptcy Still an Option as Florida Mediation Program Fails
Brandon, FL (Law Firm Newswire) February 29, 2012 - The Florida Supreme Court recently abandoned its efforts at a statewide mediation program for residential foreclosure cases. Lack of participation and low rates of loan modification meant the program was seen as unsuccessful.
“It is not a shock that the courts decided to do away with this program,” said Tampa bankruptcy attorney Reginald Osenton. “There are a lot of people who would rather walk away from their house than sit across the table from a banker.”
The program’s goal was to address the large number of foreclosures stacking up in the Florida courts by looking for other options for borrowers who were no longer able to pay for their homes. But since fewer than half of delinquent borrowers ever responded to the mediation efforts and only about a third of those who responded went through with the program, it had a low rate of success.
“There are still good options for people who want to go through mediation. There are still some lenders who are willing to listen,” Osenton said. “Bankruptcy can be an option that will put a family back on the right track.”
There were many reasons the state program did not survive. Many homeowners who stopped paying their mortgage moved away and dropped off of the radar. Other delinquent borrowers may have already worked out a deal with their lender. Still more borrowers may have simply stopped looking at the mail or answering the phone under a crush of bills.
“Talking to a bankruptcy attorney ends up being one of the best decisions people make,” Osenton said.
Osenton Law Office, PA
500 Lithia Pinecrest Road
Brandon, Florida 33511
Call: (813) 654-5777
- Why you may need a parental power of attorney
If you are the parent of young children, you may occasionally need to leave them in the care of a close friend during a quick business trip, or perhaps with the grandparents while you take a kid-free holiday. Or, you may routinely leave your children in the care of a nanny. When and if you […]
- Special Limits on Wage Garnishment
In a previous blog post, http://www.brandonlawoffice.com/2016/06/heres-how-much-of-your-wages-can-be-garnished-to-pay-your-debts, we covered the broad limitations that federal and state laws place on wage garnishment. Wage garnishment is when a creditor sues you to have part of your income diverted directly to them to pay your debts. There are certain general limitations on how much of your income may be […]
- Here’s how much of your wages can be garnished to pay your debts
If you do not pay your debts, your creditors may try to take a portion of your income directly from your employer. This is called wage garnishment. Fortunately, there are limits to how much of your income may be garnished so that you can hopefully keep paying your basic living expenses. The limits are based […]
See other news sources publishing this article. BETA | Tags: brandon bankruptcy attorney, brandon bankruptcy attorneys, brandon bankruptcy lawyer, brandon bankruptcy lawyers, brandon lawyers, tampa bankruptcy attorney, tampa bankruptcy attorneys, tampa bankruptcy lawyer, tampa bankruptcy lawyers