Del. Senate approves extension of mortgage mediation program
A mortgage mediation program that requires lenders and homeowners to have a face-to-face discussion before a home goes into foreclosure is close to getting a four-year extension.
The legislation was passed unanimously by the Senate.
Middletown Democratic Senator Bethany Hall-Long says the program is invaluable.
"We need to really help our residents, who are facing foreclosure. In Delaware, we still have many, who face foreclosure and having the banks at the table working with residents through that process because without mediation we would certainly have a much higher foreclosure rate," says Hall-Long.
Senators made a technical change to the matter which sends it back to the House, where its prime sponsor, Rep. Helene Keeley, is confident it will pass.
"Not only does it save someone's home, it keeps a family together. It keeps neighborhoods together. Think about the fact that when you have just say a cul-de-sac of 10 homes and three of them are in foreclosure, it devalues the rest of the homes. This is actually saving communities," says Keeley
The program was set to expire in January.
Copyright © Mar 07, 2014, WDEL/Delmarva Broadcasting Company. All Rights Reserved.
Advanced permission from Delmarva Broadcasting Company required for publication or rebroadcast.