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Issue: 1144 Date: 7/26/2012
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St. Louis County Council to consider foreclosure mediation, has success with refinancing bonds
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(July 18, 2012) A bill introduced at the St. Louis County Council meeting last night would require lenders give homeowners a chance to go into mediation before foreclosure.
On the surface the bill is straightforward, but the details of the process could take months to iron out.
Nevertheless, Councilwoman Hazel Erby said as the foreclosure crisis lingers she felt compelled to ask for the bill's introduction.
"The number of foreclosures, and the fact that it's continuing to increase, I mean, we have to do something, it's just getting out of hand, it's not getting any better," Erby said.
In a letter to the council, Erby wrote that the number of foreclosures is driving down property values, reducing the tax base and ultimately putting an increased burden on the county's budget. |
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