Establishes a foreclosure mediation program in Massachusetts for owner-occupied residential properties.
The bill creates a foreclosure mediation program in Massachusetts, administered by the Massachusetts Office of Public Collaboration at the University of Massachusetts at Boston. It mandates that creditors notify borrowers of their right to participate in the mediation program. If a borrower chooses to participate, a neutral third-party mediator will facilitate a session between the borrower, their representative or housing counselor, and the creditor's representative.
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- Core Provisions
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- Legal Framework
- Critical Issues
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