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New report finds solution that could prevent foreclosures

A recently released report from the National Consumer Law Center found a solution that could prevent foreclosures.

A recently released report from the National Consumer Law Center found a solution that could prevent foreclosures.

A new report from the National Consumer Law Center called "Rebuilding America: How States Can Save Millions of Homes Through Foreclosure Mediation" revealed how states with dependable mediation programs are avoiding a high number of foreclosures in their areas and saving taxpayers money in the process.

The study reviewed programs in 19 states and suggested recommendations for best practices for all states to adopt. With more than 10 million homes predicted to be lost to foreclosure over the next several years, experts are working to find solutions to the problem.

"Evidence shows that effective foreclosure mediation can keep paying borrowers in their homes for the long term while also saving billions of dollars for taxpayers and investors," said Geoff Walsh, an attorney at NCLC and author of the report. "Our report reviews programs in use in 19 states and makes recommendations for best practices drawn from that analysis. The evidence is in that mediation programs can be financially self-sustaining, do not prolong inevitable foreclosures and are a proven tool that can help rebuild the fragile U.S. economy."

According to RealtyTrac, sales of homes that were in some stage of foreclosure accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, which meant Americans packing and finding somewhere else to live.