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Since July 1, 2010, Vermont law provides Vermont homeowners in foreclosure with the right to meet with a representative of their lender or mortgage servicer to discuss options for staying in their home. This meeting is called a Foreclosure Mediation and is facilitated by a neutral third party called a mediator.
Homeowners: For information on your rights as a homeowner, see the Attorney General’s website
Mediators: Any foreclosure proceeding instituted after December 1, 2013, must comply with the provisions of Act 8 amending 12 V.S.A. §§ 4631-37, including filing a copy of the Foreclosure Mediation Report, now available to be filled in on line, and other information and documents with the Attorney General’s Office. Mediators are welcome to use this form for any mediation effective immediately.
National Mortgage Settlement: Is there help for you?
The recent settlement with five of the largest banks in the United States will benefit many struggling homeowners in Vermont. The banks are Bank of America, Citigroup, GMAC/Ally, J.P. Morgan Chase, and Wells Fargo. The settlement covers loans serviced by the five settling banks’ loan servicers.
However, not every situation will fall under the terms of the settlement. Some basic information on the settlement is set out below. You can also visit the National Mortgage Settlement website or the Settlement Monitor’s website for more details.
I have a problem with my mortgage. What can I do?
If you are having difficulty with your mortgage or mortgage payments, with a loan modification application, or with being sued in foreclosure while a modification application is being processed, the first step is to contact your servicer. There are a variety of options available to assist homeowners with their home loans. Under the settlement, the following websites and telephone numbers have been set up to assist homeowners with mortgage issues:
Your first step should be to contact your servicer at the number above for assistance.
I contacted my servicer but cannot seem to get my issue resolved. Can you help?
If you have a current issue with one of the five banks or its servicer, and you have tried without success to resolve the issue by calling the appropriate number listed above, you may contact us using our Mortgage Settlement Complaint Form. You will need to provide:
We will contact the servicer and ask that its staff work with you to resolve the issue. Please note that we will be forwarding the information you provide on the form directly to the servicer.
I am having trouble paying off my mortgage. What financial assistance is available to me under the settlement?
Homeowners with loans serviced by one of the five listed banks and who are still in their homes may be eligible for one of two types of assistance:
The banks will be responsible for identifying qualifying homeowners; but if you think that you may be eligible for either type of assistance described above, call your servicer at the listed number and ask to be considered for that.
My servicer foreclosed on my home. What help is available for me?
Under the settlement, some consumers whose homes were sold after foreclosure between 2008 and 2011 may be eligible to receive a cash payment under the settlement. The servicers will identify those consumers who qualify, and a “settlement administrator” will contact them. This process will take some time.
Did the settlement require me to give up any legal rights?
No. Homeowners and foreclosed homeowners did not give up any legal rights as a result of the settlement. You should consult with a lawyer if you want more information on whether you have a legal claim, as an individual or in a class action, against any of the settling banks or servicers.
Website consulting provided by The National Association of Attorneys General.