Question: I’ve been in foreclosure proceedings for many months now, and I will be attending a mediation next week. What should I expect? Can they take my house that day.
Answer: Mediation is a process where nothing can be done unless both parties consent. They can not take your house that day unless you agree to it in something called “a deed in leau of foreclosure.”
In Florida, banks are required to attend and pay for the mediation. Mediations usually last two hours. You and your attorney if you have one may attend. Additionally, with the approval of all parties (which is seldom denied) you may bring a close friend or relative for social support.
The bank’s attorney will be present, and usually, the bank’s decision maker will appear by phone. The mediator will try to have the parties come to a voluntary resolution of the case. Its usually a cooperative environment.