Vermont Statutes Title 12 Sec. 4637
Terms Used In Vermont Statutes Title 12 Sec. 4637
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
§ 4637. No waiver of rights; costs of mediation
(a) The parties’ rights in a foreclosure action are not waived by their participation in mediation under this subchapter.
(b) The mortgagee shall pay the required costs for any mediation under this subchapter except that the mortgagor shall be responsible for the mortgagor’s own costs, including the cost of the mortgagor’s attorney, if any, and travel costs.
(c) If the foreclosure action results in a sale with a surplus, the mortgagee may recover the full cost of mediation to the extent of the surplus. Otherwise, the mortgagee may not shift to the mortgagor the costs of the mortgagee’s or the servicing agent’s attorney’s fees or travel costs related to mediation but may shift up to one-half of the costs of the mediator. (Added 2009, No. 132 (Adj. Sess.), § 4.)