Rell Signs Bill To Extend Foreclosure Mediation Program

WINDSOR LOCKS  — Laura Wilson  is the face of  the state’s foreclosure mediation program touted as a success and now extended for the next two years.

Flanked with Wilson in front of her house, Gov. M. Jodi Rell  today celebrated legislation that extends the the judicial foreclosure mediation program –which allows mandatory mediation. 

The new law, which ended July 1 of this year, was extended to  July 1, 2012.

 “Home is a wonderful word, isn’t it?” Governor Rell said during a bill-signing ceremony at the Windsor Locks home of Laura Wilson, (house pictured) who benefited from the mortgage mediation program. “Generations of Americans can recite the magic words that got Dorothy out of Oz and back to Kansas: ‘There’s no place like home.’ I do not have any ruby slippers with me today – but I do have a pen. And the State of Connecticut has a program that works: foreclosure mediation.

Rell also said the program has been nationally recognized by the American Bar Association and the Center for American Progress. More than 7,100 cases have completed the mediation process through June 2010. Seventy-six percent of those cases have reached agreement and 62 percent – more than 4,400 cases – have allowed the homeowner to remain in their homes, Rell said.

   “Of course those are the statistics,”  Rell said. “Laura Wilson and her family are the faces behind those statistics. And this is their home.”

The legislation – House Bill 5270, An Act Concerning Foreclosure Mediation – also makes changes to the minimum amount that mortgagees or other successors in interest may offer to tenants to vacate a foreclosed residential property, establishing that the amount must be at least $2,000. The act specifies that for purposes of the homestead exemption for judgment debtors, “homestead” includes co-op properties.

 

           

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