Florida Fares Well with Fannie!

A while ago, last December, in fact, the Florida Supreme Court ruled that lenders had to have mediation sessions before finalizing a foreclosure or a summary judgment of judicial foreclosure. In line with this decision, Fannie Mae has now announced that its administrative guidelines for such activity will require that any such lender with a Fannie Mae backed loan refer any loans on Florida property to an attorney from Fannie's retained counsel mediation network BEFORE instituting foreclosure proceedings. This provides anyone with a Fannie loan on Florida property some additional opportunity to go through the mediation process as part of the effort to resolve the problem without automatically losing the property to foreclosure. Check with your lender or attorney for more details as to how exactly this applies to you if you are a Florida property owner in this category. Good luck.