Written by
The Associated Press
ST. PETERSBURG, Florida (AP) - A judicial committee determined that Florida's Supreme Court mediation program to prevent foreclosures should end because it's not keeping homeowners in their houses.
The St. Petersburg Times reports that a judicial committee determined borrowers didn't trust the program, lenders weren't willing to settle cases and officials didn't publicize the effort.
The program's goal was to reduce the backlog of foreclosures and allow borrowers to negotiate with lenders. With a backlog of 350,000 foreclosure cases and thousands more expected to hit the courts, the high court ordered the 20 judicial circuits in late 2009 to sponsor mediation sessions between homeowners and lenders to reduce the numbers. The program applied to owner-occupied, residential properties and aimed for a quick resolution.
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