Shortcomings of the Residential Mortgage Foreclosure Mediation (RMFM) Program recognized by Panel

The Assessment Workgroup for the Managed Mediation Program was assembled in September by Florida Supreme Court Chief Justice Charles Canady in response to news that only 3.6% of cases eligible for mediation had settled in almost two years since the program was started. The group has recommended that the mandatory foreclosure mediation program should be abolished and replaced with a plan that allows courts to opt into the program.

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Beware of Cross-Collateralization when dealing with Credit Unions

Credit Unions are financial institutions that function a lot like banks, but are regulated differently because of their not-for-profit status. Credit Unions generally offer great rates and terms for their members when it comes to mortgages, car loans, and even credit cards. However, when you take out a secured loan with a Credit Union (i.e., a car loan), the Credit Union will probably include a cross-collateralization clause somewhere in the loan agreement.

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Foreclosure Activity on the Rise Again in South Florida

A year after the “robo-signer” scandal slowed down the foreclosure process, foreclosures are picking up again in South Florida. According to RealtyTrac, July & August produced a 12.3% increase in foreclosure actions in the tri-county region. Miami-Dade, Broward, and Palm Beach Counties all experienced increases in foreclosure related activity ranging from 4.3% to 19%. One byproduct of the increase in foreclosures is an increase of homes entering the already depressed market.

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Any information on this website is not intended to be communicated as legal advice. All information contained on this site is general and intended for information purposes only. For detailed legal advice regarding your loan modification, foreclosure, and/or bankruptcy needs, please schedule an appointment with the attorney. The Law Office of Emil Fleysher, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.