An Act to Establish a Foreclosure Mediation Program

S.865; Sponsored by Sen. Karen Spilka

H4003 would create a foreclosure mediation program that will allow homeowners in default during the 90-day right to cure period to negotiate the terms of their mortgage with lenders. Foreclosures remain a crisis in Massachusetts, causing many families to lose their homes, increasing economic instability, and making neighborhoods less financially stable.  Too many lenders have proven unwilling to re-negotiate the terms of mortgages, and some lenders were reckless in how they encouraged families to purchase home who couldn’t afford it.

Status: Reported favorably out of the Joint Committee on the Judiciary.

|Massachusetts Legislation Guide|

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