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.