Monday, Feb 6 2012 6:18PM

As foreclosures continue to haunt the housing market, the National Consumer Law Center (NCLC) has released a report that emphasizes the need for foreclosure mediation in all states.

After reviewing existing programs throughout 19 states, NCLC found that not all foreclosure mediation programs are equal. The agency said that all states should adopt programs that have enforceable standards and outreach in addition to state foreclosure laws.

The report also found that programs for homeowners in Connecticut, Nevada and New York were the most successful.

Contrary to the belief that mediation programs simply prolong the foreclosure process, NCLC says that effective programs oblige to time frames that are set by state laws. Additionally, the report shows programs and conferences provide the community with many benefits at little or no cost.

NCLC says that fees from the program are minimal, averaging between $0 and $1,000, while providing thousands in savings.

"Evidence shows that effective foreclosure mediation can keep paying borrowers in their homes for the long term while also savings billions of dollars for taxpayers and investors," said Geoff Walsh, an attorney at NCLC and the author of the report. "If all states adopted strong foreclosure mediation programs, it would prevent further harm to millions of families while also saving local communities and investors billions of dollars."

For further information, check out this source: National Consumer Law Center