Want Mediation? Better Save Your Money.
I had several hearings in Tampa this morning, so I had a chance to watch Senior Judge Padgett at work. My hearings were fun, as always, but concerned issues I’ve discussed previously. What I found interesting was what happened on the hearings I got to watch.
On a few occasions, homeowners who were defending themselves without a lawyer asked the judge to require mediation. How did Judge Padgett adjudicate those motions? On each occasion, the judge took a look at the file, assessed the age of the case, and asked the homeowner what he/she was trying to accomplish. On the older cases, the judge asked the homeowner if they had saved money while the case was pending. Where the homeowner clearly hadn’t saved money, yet was three years in default, the judge was not about to require mediation. On newer cases, or cases where the homeowner had money saved, the judge was far more inclined to grant mediation.
I found this very ironic, as I just recently posted this blog, titled Want a Loan Modification? Better Save Money.
Clearly, at least one Florida judge agrees that the concept of mediation (and, hence, a loan modification) makes little sense for homeowners who haven’t saved money.
Mark Stopawww.stayinmyhome.com
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