Maine boosting number of foreclosure counselors

AP News
Posted: Dec 24, 2009 10:23 AM

With more than 7,000 Mainers already in default on their mortgages, the state is boosting the number counselors to help homeowners avoid foreclosures.

The Bureau of Consumer Credit Protection says it's working to add four nonprofit licensing agencies to the two now under contract, with the goal of adding at least six certified counselors statewide.

Bureau Superintendent Will Lund said each housing counselor can assist up to 125 homeowners to prevent foreclosure each year.

Funding for the counselors comes from assessments on lenders at foreclosure auctions. The effort to assist homeowners was the result of legislation that took effect in September.