New Florida Foreclosure Mediation Guidelines

Florida is one of the hardest hit states in the nation, with almost half a million foreclosures lawsuits in various stages of litigation. On December 28, 2009, the Florida Supreme Court mandated mediation for Floridians who are in danger of losing their homes through foreclosure. Chief Justice Peggy Quince directed each Chief Judge of the 20 judicial Circuits to issue an administrative order addressing how the managed mediation program will be handled in their respective Circuit. This Supreme Court Order strives to reduce the foreclosure overload that is currently clogging our court system and monopolizing limited judicial resources.

State guidelines must be followed when conducting foreclosure mediation in Florida. Mediation managers are required to schedule sessions no less than 60 days and no more than 120 days after the filing of the foreclosure case has occurred. Meetings are usually several hours and lenders are required to pay a $750 fee up front, which may be recovered in the final judgment if mediation fails and the suit proceeds to foreclosure. The house in default must be the homeowner’s primary place of residence and the loan must have originated under the federal truth-in-lending regulations. Exceptions to the mandatory foreclosure mediation will be granted where the borrower and the lender reach an agreement to forego mediation, mediation was previously unsuccessful, or the homeowner cannot be located.

Mediation enables troubled homeowners to meet with their lenders at the bargaining table to renegotiate the terms in their mortgage and address other issues and circumstances surrounding the borrower’s default. Mediation not only removes the fear the borrower has in communicating with the lender, but brings both parties together in an informal setting that will help decide if modifying the loan terms or if another remedy, such as short sale on the house or deed in lieu of foreclosure, is a more appropriate and reasonable solution.

The Mediator is an impartial and neutral third party who will bring a fresh perspective to the case at hand. In the managed foreclosure mediation cases, he or she must be Circuit Court certified and specially trained in foreclosure law and mortgage modification issues.

Before a homeowner can be eligible formediation, he or she must see a foreclosure counselor who is approved by the U.S. Department of Housing and Urban Development. After obtaining advice from such a professional, troubled borrowers have been found to be less likely to re-default on their mortgages.

The record volume of foreclosures in Florida is threatening to break its court system. With the new mediation requirement, the hope is that applicable cases will be directed away from the courts and handled in a more timely and efficient fashion.

If you or someone you know is facing foreclosure mediation, be sure to insist on a qualified, competent Circuit Court certified mediator with experience in foreclosure law and mortgage modifications.

Guides in Buying a Commercial Property

Florida is a business capital of the country t is a place where there are business opportunities that are waiting for those entrepreneurs who want to set up their own business. In order to get the desired profit and success in the chosen business field it is important to have your own Florida commercial real estate that will provide everything for your business needs. Here are some of the important factors that you need to determine in order to get the right commercial property for your business needs.

Nature of the Business

It is not easy to put up your own business. It is important that you have to think the kind of business that you want to start up. You have to make sure that it is the right type of business that you want to pursue. You have to think all over again and decide for yourself if you have the right skills and capabilities to manage that particular business. And aside from this, it is important to check out the nature of the business so that you will have the idea of what kind of Florida commercial real estate space you are going to buy.

Business Location

When buying a Florida commercial real estate property it is important to check out all the possible location where you want to locate your business. It is important that the location is accessible to your target market and also accessible to all types of vehicles. This is to ensure that your business can be easily access by the people.

Budget

Whatever you purchase it is important to have an idea of how much will it cost you. It is important to check out your budget before rushing to search for the right property. You have to determine the amount of money that you can safely allocate for the property to avoid compromising your budget that is intended for the operation of the business.

Seek the Help of the Realtor

If you are just a beginner in investing in Florida commercial real estate, it is better to seek the help of a realtor. You have to ask the service of the realtor who has been successful in acquisition process. In this way you are sure that you will be succeed in buying the right commercial property that will cater your business’ needs.