The Florida Supreme Court had initiated a program for mediation in home foreclosures in an effort to reduce the number of foreclosures statewide. However, because Florida homeowners were not rushing to participate and there were low rates of actual loan modification as a result of the mediation, the program has been scrapped as unsuccessful. For those families in the Wellington, FL area and throughout the state who are facing foreclosure proceedings, bankruptcy is still a viable option.
According to officials, fewer than 50% of those facing foreclosure responded to the opportunity to learn about the mediation and, of those who did respond, only approximately 30% actually participated in the program. Florida state officials are unclear as to why the program did not succeed. Some theorize that some homeowners worked out payment plans with lenders on their own. Others suggest that some may have filed for bankruptcy. Still others suggest that families may have already moved from the home before they were mailed any notification about the program. There has also been the suggestion that people are intimidated by bankers and lending institutions and were unwilling to participate in a program that they did not fully trust.
However, just because the program was being run through the state of Florida, it does not mean that residents of Wellington, FL are without access to mediation when it comes to facing foreclosure. Some individual lending agencies are willing to work with clients on a one-to-one basis. Another option is through bankruptcy. Anyone who is facing foreclosure has options and rights, and bankruptcy is one of those options.
If the bank has sent notice of foreclosure or is beginning foreclosure proceedings, it is not likely that they will be making other options known to homeowners. However, foreclosure can be stopped with the help of a bankruptcy attorney. A bankruptcy attorney knows how to stop foreclosures and get you a fresh financial start. It is even possible to keep the foreclosure proceedings off of your credit record. Of course, the sooner in the process that an attorney gets involved, the easier it will be to halt the foreclosure proceedings in a quick and definitive manner.
If you live in the Wellington, FL area and are having issues with your mortgage lender or if you anticipate that foreclosure is imminent, consult an attorney about bankruptcy in Wellington, FL as soon as possible. You do not have to lose your home. Your attorney will be able to help you analyze your current financial situation fully and to devise a plan that is tailor-made to meet your needs.
Bankruptcy Wellington FL – If you’re considering bankruptcy in Wellington, FL, Sean I. Koplow, P.A. provides legal counsel to Florida residents facing just such circumstances. Regardless of your difficulties, Sean I. Koplow is the one to trust for legal counsel that really helps. Attorney Koplow also advises you as to the best course of action. Bankruptcy could be an option, but it is not for everyone, and there are numerous factors to consider.