Newspaper Archive of
Cape Gazette
Lewes, Delaware
Jim's Towing Service
March 2, 2012     Cape Gazette
PAGE 49     (49 of 116 available)        PREVIOUS     NEXT      Full Size Image
 
PAGE 49     (49 of 116 available)        PREVIOUS     NEXT      Full Size Image
March 2, 2012
 

Newspaper Archive of Cape Gazette produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.




Cape Gazette BUSINESS & REAL ESTATE FRIDAY, MAREH 2- MONDAY, MARCH 5, 2012 49 A6 Biden, bipartisan coalition mark launch of foreclosure mediation program Attorney General Beau Biden legislative session, that address was recently joined by a biparti- Delaware's foreclosure crisis. san coalition of legislators and That legislation strengthened the advocates to mark the launch of state's existing voluntary media- Delaware's mandatory foreclo- tion program in several key ways. sure mediation program. Mediatio.n is no longer volun- The program, which became tary. When a bank files a foreclo- operational in late January, was sure complaint, the law now re- established last year as part of a quires that lenders and borrow- legislative package developed by ers sit down together and have a Biden's office and legislators to meaningful conversation about a respond to the foreclosure crisis payment plan or other options in Delaware. It is modeled after before a foreclosure can proceed. successful programs in other It eliminates hhe income quali- states and jurisdictions, includ- fication for homeowners and es- ing the City of Philadelphia and tablishes a filing fee; paid by the the state of Connecticut. lender, to fund the program. "The foreclosure crisis has im- It extends the time a home- pacted Delaware families up and owner has to respond to a fore- down the state," Biden said."Los- closure complaint. Previously, ing a home to foreclosure can be homeowners had 20 days to re- devastating, and borrowers de- spond to a foreclosure com- serve the opportunity to meet plaint. Under the new program, face-to-face with their lender the foreclosure process is put on and explore all available alterna- hold when a mediation confer- tives. Mandatory mediation can ence is scheduled, and a lender help people stay in their homes, cannot seek judgment until after and that's better for families, the mediation conference takes lenders and the community." place. Recent years have seen a The mandatory foreclosure record pace of foreclosures in mediation program serves Delaware, with more than 25,000 Delawareans who own a one- to foreclosure filings since 2007. four-unit home, who reside in The state experienced a record- the home as their primary resi- setting year in 2010 with more dence, and whose mortgage was than 6,400 filings. Biden's office foreclosed upon on or after ]an. and legislators produced a pack- 19. The program runs through age of bills, passed during the last January 2014. State Rep. Mike Ramone, R- Middle Run V lley, a prime House sponsor the bill estab- lishing the foreclqsure mediation program, said, "I n thrilled that we are rolling this very im- portant progr .arn t As I have stat- ed before, the foreclosure process is our new reality, unfor- tunately. This program is vital to providing those many families Robert 1;. Gilligan, D:Sherwood faced with the painful prospect Park. of losing their homes with the Eligible homeowners will be opportunity of working with a provided with detailedinforma- mediator - something the may tion about the foreclosure medi- not normally have had the ation program when a foreclo- chance to do prior to this bill be- sure is filed against them. ing enacted last year. Mediation Homeowners can learn more has been a viable option in help- about this program by calling the Attorney General's Mortgage ing families in other areas. It is Hotline at 800-220-5424, email- my hope that Delawareans in a ing similar situation will find the mortgage.mediation@state.de.us help they need with this new or going to www.attorneygener- program." al.delawar&gov/mortgagefore- The legislation was also spon- closure or www.deforeclosure- sored by House Speaker Rep. help.org. PET ODOR & STAIN REMOVAL EXPERTSI. P.U.R.T- Pet Urine Removal Treatment Pets are Your Best Friend... Not Your Carpet's Natalie Rose Modds Open