“Montpelier, Vt – Today, the Vermont House of Representatives passed H. 590, An Act Relating to Mediation in Foreclosure Proceedings.  The bill is a consumer protection act which seeks to keep struggling Vermonters in their homes.

“The legislature has been focused on addressing the symptoms of the Great Recession through our efforts to put Vermonters back to work,” said Speaker Shap Smith.  “This bill addresses one of the major consequences of the recession, home foreclosure.”

From 2007 to 2009, foreclosures in Vermont have risen by over 50%.  Each foreclosure has a profound effect on both the homeowner and the lender.  Foreclosure not only drives a home’s owner out of her home,  but the average losses to the lender from a foreclosure are over half the cost of the home…”

Source: vtdigger.org, March 17, 2010

Full story: House to Pass Bill to Reduce Home Foreclosures

For PDF of article, click here.