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What happens at foreclosure mediation, is it helpful? I have short sale papers and offer in with the bank already.

Saint Petersburg, FL |

Case was filed Oct 12, then they ordered optional mediation with a bulk mediation company. I wasn't served, they only served ex hubby who is not on the note, never lived here and we have been divorced 5 years, he was just on the mortgage as we were still married when I bought the house. I think the papers crossed. But if it's helps would go, I only can and want do short sale or deed in lieu. This is in Pinellas county, they say I only once one chance of mediation but as I haven't been served or constructive is not done, don't feel I should be using up my one chance yet.

Attorney Answers 4

Posted

If you are short selling there is no need to mediate. Make sure a lawyer negotiates the short sale to get you HAFA protections and incentives and explain all tax consequences

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Posted

Thank you, Chase say and put in writing a while ago that I can't get HAFA because I didn't send in the HAFA package at that time. Wouldn't mediation help with the court side of things while the short sale is going through?

Posted

The lender's short sale department does not necessarily communicate with the foreclosure department. If you've been working with the lender's short sale department, and you have an offer submitted, you should contact the attorney for the lender who is going to represent the lender at the mediation and let him know that. If you do not know how to contact him, call the company that scheduled the mediation. If the attorney says that you need to appear at the mediation anyway, then you should attend.

Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is or is intended to be created by my answer. You should contact an attorney in your area to discuss your case.

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Posted

If I haven't been served should I still go? Is there anything to answer? If I haven't been served surely I am not using the one life to mediate like they are saying at the mediation management company.

Dorota J. Trzeciecka

Dorota J. Trzeciecka

Posted

I in Miami-Dade County and do not really know what system of foreclosure mediation your county has. If you have an ownership interest in the property, the only time you will know what happened at mediation is if you go. This will be your only chance to meet with the lender's attorney face to face and explain your situation and find out if you need to do anything to proceed with the short sale.

Posted

In my experience, mediation is most effective when the homeowner seeks and is qualified for a HAMP loan modification. If you apply for a HAMP loan modification, pay the three monthly trial payments, and have a mediation afterward, you can ask the bank to provide a permanent loan modification with a principal reduction.

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Posted

My colleagues all provided good answers. However, keep in mind that there are no guarantees with a short sale and I have seen many of them fall apart at the most undesirable times. You should attend the mediation, as it gives you a chance to communicate with the foreclosing bank's legal department and you will have a contact to work with in the future if things go awry. My suggestion is always to be represented by competent legal counsel in a matter such as this, rather than to try and do it on your own.

This information is for education purposes only and is not to be relied upon as legal advice, legal opinion or as a complete answer/information to/for this discussion. You should always seek competent legal advice from a licensed attorney in your area for help with your specific legal question. No attorney - client relationship is created, intended or should be construed upon from this general discussion.

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