FL H0075

Applies exclusively to mortgage foreclosure actions on homestead property; defendants may invoke protections by filing a notice with a sworn statement that the property is their homestead.

Requires plaintiffs to obtain a new appraisal within 45 days and provide results within 60 days, along with all original closing documents including loan applications, settlement statements, mortgages, promissory notes, and assignments.

Mandates court-ordered mediation no sooner than 60 days after document completion, with plaintiffs required to make good faith settlement negotiation efforts including renegotiating the loan at principal equivalent to actual market value.

Establishes a forbearance lien on the property if the loan is refinanced at a reduced principal equal to the property's market value; the lien beneficiary receives excess proceeds from first resale or refinance, and may foreclose on subsequent transactions.

Sunsets on July 1, 2015 and applies to foreclosure actions initiated on or after July 1, 2010, and all active cases without final judgments as of that date.