summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
Relative to establishing a foreclosure prevention program. Financial Services.
AI Summary
This bill establishes the Massachusetts Foreclosure Prevention Program, which requires creditors and eligible borrowers of certain mortgage loans to engage in good faith foreclosure prevention conferences supervised by a conference monitor. The program aims to help borrowers avoid foreclosure by considering all available foreclosure prevention options, such as loan modifications or short sales. Creditors must obtain a certificate of compliance from the program administrator before proceeding with a foreclosure sale, and failure to participate in good faith can result in sanctions. The program is funded through a fee on servicemember foreclosure filings, and the funds are used to cover administration costs and outreach to homeowners at risk of foreclosure.
Committee Categories
Business and Industry
Sponsors (29)
Christine Barber (D)*,
Pete Capano (D)*,
James Arena-Derosa (D),
Jenny Armini (D),
Shirley Arriaga (D),
Natalie Blais (D),
Michelle Ciccolo (D),
Marjorie Decker (D),
Mindy Domb (D),
Pat Duffy (D),
Jamie Eldridge (D),
Tricia Farley-Bouvier (D),
Sean Garballey (D),
Judith García (D),
Carmine Gentile (D),
Carlos González (D),
Jim Hawkins (D),
Natalie Higgins (D),
Russell Holmes (D),
Vanna Howard (D),
Kay Khan (D),
David LeBoeuf (D),
Adrian Madaro (D),
Sam Montaño (D),
Jim O'Day (D),
Becca Rausch (D),
Lindsay Sabadosa (D),
Tommy Vitolo (D),
Chris Worrell (D),
Last Action
Accompanied a study order, see H4705 (on 06/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/193/H942 |
| BillText | https://malegislature.gov/Bills/193/H942.pdf |
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