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As Summer Begins

Litigation – (Procrastination + Strangulation) ÷ Mediation or Conciliation = Resolution.

As summer begins in the rest of the nation Floridians struggle to maintain cool surroundings while attempting to dodge high electricity bills that arrive with the heat. However, many are lucky to fight this battle as they still have their homes. Besides the fact that foreclosure filings have decreased, many can attribute this fact to actively exercising their settlement options. Often times, homeowners feel more comfortable meeting and discussing their Loss Mitigation and/or settlement options with the Plaintiff and find this impossible to do. This goal can be achieved by requesting a Mediation and/or Conciliation Conference. The purpose of this blog is not to focus on Florida’s upcoming heat wave, but to understand the difference between mediation and conciliation conference.

Mediation is a forum used to try to resolve pending matters. In foreclosure, this is typically used to try to resolve complex issues or settlement discussions. Mediations involve the participation of a neutral third party to facilitate the discussion and help achieve any common goals and/or reach resolutions. However, mediations are not free and must often be court ordered.

A conciliation conference is very similar to mediation as far as its purpose. In foreclosure, a conciliation conference is commonly used to discuss pending modifications. Unlike Mediation, there is no mediator and the conference is free. Also, conciliation conferences typically take place telephonically. Although there is no mediator, conciliations are extremely informative and beneficial to the homeowner. It ensures the lender has everything necessary in order review and hopefully approves the homeowner for a modification.

If you find yourself going through a foreclosure, look into whether a mediation or conciliation conference will assist you in reaching your goals, then discuss setting one up with your attorney. If you do not have an attorney, request one in court or with the plaintiff’s counsel. Don’t let your financial restraints prevent you from an open discussion with the bank and their lawyers to resolve your foreclosure matter. Therefore, if the option arises, request a conciliation conference and save your money for that high electricity bill, or opt out for mediation with a professional mediator. In the mean time, stay cool and exhaust all possibilities in order to save your home so you can enjoy the many hot summers to come!

On the Corner of Heat Strokes and Settlements,