Mortgage Assistance in Miami-Dade County.

Mortgage and foreclosure prevention assistance

This new program will offer Miami and Dade County homeowners mortgage assistance, ensuring they have a chance to get a loan modification and avoid foreclosure.

A new assistance program is being created to help improve communication between borrowers and mortgage lenders.

This new mortgage program, CHAMP, requires lenders to contact the Collins Center for Public Policy ((305) 377-4484) within five days of filing a foreclosure notice on a homeowner. The Collins Center is a public policy group located in Miami, Florida. The Collins Center for Public Policy will contact homeowners to let them know that financial counseling and mediation are available. The public policy center will also help to arrange mediation between the two parties.

The loan mediation process is when the bank and the lender meet to discuss the foreclosure and try to come to an agreement. If a lender does not follow this rule, their foreclosure case could be dismissed by the court. This mediation process will take no more than 120 days and it will cost the lender no more than $750 per filing. This mediation process should help reduce the number of foreclosures happening in Miami and Dade County.

The Florida Supreme Court recently created a task force to investigate different mediation options that could potentially be used throughout the state. There are several different programs in place in different districts, which makes it difficult for national lenders to comply with the different rules.

Some banks are unhappy with the mortgage aid that has been given. Banks and lenders typically do a lot of research and work to contact a borrower and try to come to an agreement to avoid foreclosure before filing a foreclosure notice. In other words, lenders say they are already working more quickly to modify the mortgage loans of borrowers who are behind on their payments. The HOPE NOW program reported that in February, lenders and servicers modified loans for almost 140,000 homeowners nationwide and crafted repayment plans for about 110,000 additional homeowners, thus preventing foreclosures.

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