Vermont has seen an increase of 172 home foreclosures in Vermont over this time last year. That’s prompting state officials are urging people facing foreclosure to seek help before it becomes a crisis.
The increase in foreclosures is expected to increase further as more people face mounting food and fuel costs and see the payments increase on adjustable rate mortgages.
Vermont Banking Commissioner Paulette Thabault says the sooner officials hear from people who need help the more they can do.
Vermont is not being hit as hard by the mortgage crisis as some other states.
Nevertheless, there were around 300 foreclosures in 2005 and 1,200 in 2007.
The state’s toll-free helpline has received 18 calls so far. People who seek help are steered to assistance such as credit counseling and refinancing options.
The toll-free number is 888-568-4547.