Know how Vermont foreclosure laws will affect you

Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Vermont. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: In addition to a summary of Vermont law, American Foreclosure Specialists provides a description of possible strategies for avoiding foreclosures in Vermont. ForeclosureS.com provides the contact information for the Attorney General’s Office in Vermont and links to specific legislation regarding foreclosure in Vermont.

Get assistance with Vermont foreclosure recovery information

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender if needed.

I recommend: Visit the National Foundation For Credit Counseling’s Homeowner Crisis Resource Center for information and tools to get started understanding your foreclosure options. The Department of Housing and Urban Development provides contact information for approved housing counselors in Vermont that are available for free or at a very low cost.

Retain a Vermont foreclosure lawyer

You may need one of the many Vermont Foreclosure attorneys to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Vermont foreclosure law, he or she may be able to make a referral.

I recommend: Cohen & Rice serves clients in the Rutland area specifically handles foreclosure cases. Stevens Law Office in Stowe has specific experience in providing foreclosure assistance to its clients.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like "guarantee" and "97% success rate", upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission.  The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.