An Act relative to foreclosure mediation
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a statewide program for foreclosure mediation to help homeowners facing foreclosure. The goal is to provide a neutral forum for discussions between homeowners and lenders to explore potential solutions, such as loan modifications or repayment plans. By encouraging mediation, the bill aims to reduce the number of foreclosures and support families struggling with housing insecurity. It seeks to offer an alternative to traditional foreclosure proceedings.
Key provisions
- Creates a statewide foreclosure mediation program.
- Requires lenders to participate in mediation if requested by the homeowner.
- Establishes a process for selecting and training mediators.
- Provides funding for the program through the Department of Housing and Community Development.
- Defines the scope of issues that can be addressed in mediation.
- Specifies the rights and responsibilities of homeowners and lenders during mediation.
- Requires the Department of Housing and Community Development to report on the program's effectiveness.
- Allows for the development of local mediation programs.
Who is affected
- Homeowners facing foreclosure
- Lenders
- Families experiencing housing insecurity
- The Department of Housing and Community Development
- Judiciary
Notable changes
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Sponsors
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2 on record
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