Home Loans and Support

Vermont Foreclosures on the Rise

(LoanSafe.org) - As some states have been showing a nice decrease in foreclosure starts the last few months, the amount of foreclosures in Vermont is barely reaching its peak!

Manchester Town Clerk, Linda Spence, has addressed that it has become apparent that foreclosures are up in her town, as well as in the entire state of Vermont. While states like California have been experiencing less foreclosure starts, Vermont is facing a tough future as many homeowners are in trouble on their mortgage.

Spence stated that the Vermont foreclosure crisis is far worse then most people think.

According to reports, figures show that foreclosure auctions increased by 50% since 2008. This February, 159 foreclosures starts had begun.

Joshua Lobe, a South Burlington attorney who represents mortgage lenders, addressed that based on numbers which he received from the Vermont Department of Banking and Insurance, that foreclosures started to peak at the end of 2012. Lobe believes that this will be an ongoing trend for the state. If so, Vermont will not be one of the factoring states in a recovering economy.

Thomas Candon, the state’s Deputy Commissioner for Banking and Securities, stated that 1,900 foreclosure auctions occurred in 2009. Candon agrees that Vermont will be seeking additional foreclosure prevention efforts to help the market.

The lack of access to assistance for Vermont borrowers makes it difficult to pursue loan modifications in the state. Even more, Vermont borrowers are experiencing struggles when trying to work with their lender and are often asked for the same financial documents previously provided.

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About Alex Ferreras

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