The Florida Supreme Court has decided to discontinue its mandatory foreclosure mediation program, it announced Monday.
Chief Justice Charles Canady issued an order closing down the two-year-old program, which targeted residential foreclosures and was meant to relieve pressure on the courts from the crush of filings that followed the bursting of the housing bubble.
A recent review of the program found that many borrowers felt lenders weren’t taking the process seriously.
“The Court has reviewed the reports on the program and determined it cannot justify continuation of the program,” Canady wrote.
Canady said those foreclosures already in the mediation program would continue to work their way through the system.
The lender does not take the process seriously but the consumer should pay? The lenders should be penalized for not taking the process seriously and complying with the court’s mandate. Once again, the consumer pays the price.