Bill > H3563

This bill establishes foreclosure mediation programs in municipalities that accept the provisions of the bill. The key provisions are: - Municipalities can establish a foreclosure mediation program by ordinance or bylaw, which must provide mediation prior to all foreclosures of residential properties where the mortgagor or their family resides. - The mediation program must address all commercially reasonable alternatives to foreclosure, and the parties must make a good faith effort in the mediation. - The municipality must provide a means of evaluating and selecting qualified mediation program managers, and evaluate the program annually. - The municipality can terminate a mediation program manager's participation for good cause. Financial information provided during mediation is confidential. - Mortgagees must send notices to the municipality regarding the right to cure, which triggers the mediation process. Mediation must commence within 45 days of the mortgagor receiving the right to cure notice. - Mortgagees must pay a reasonable mediation registration fee to the municipality, but this cannot be charged to the mortgagor. - After a foreclosure sale, the seller must file a certificate of mediation completion with the registry of deeds.

Justice

https://malegislature.gov/Bills/191/H3563