The State’s largest foreclosure mediation program is coming under new leadership, after its original managers lost a bid to continue heading up the Supreme-Court mandated process. Oasis Alliance, which won the contract through an open bidding process, will begin transitioning to replace The Collins Center on March 28.
Like many foreclosure prevention programs that have surfaced in the wake of the housing collapse, court-ordered mediation has not been able to meet the expectations of its creators. A recent report from the Office of the State Courts Administrator found that only 6 percent of distressed homeowners eligible for mediation worked out a resolution with the bank. In Miami-Dade County, that percentage is 5.6 percent.
The main roadblock has been getting borrowers to show up at the negotiation. Homeowners were reached in only about half of cases eligible for mediation in Miami-Dade, the report found. Of the borrowers that actually attended mediation, 32 percent reached an agreement with their lender.
Miami-Dade County’s multilingual population, large geographical area and battered housing market make it a particularly difficult region for managing foreclosure mediations. There are about 70,000 unresolved foreclosure cases in Miami-Dade County court, compared to about 15,000 in the judicial circuit where Oasis is currently operating.
To read more on this story, visit:
Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.