Massachusetts S653 establishes a foreclosure prevention program to facilitate supervised conferences between creditors and borrowers.

Massachusetts S653 creates a foreclosure prevention program to help homeowners avoid foreclosure. Eligible borrowers can participate in supervised conferences with creditors to explore loss mitigation options. The program includes a notice process, conference scheduling, and the appointment of conference monitors. Creditors must make a good faith effort to reach an agreement, and failure to do so can result in sanctions. The program also includes funding mechanisms and data reporting requirements.

Massachusetts S653 establishes a foreclosure prevention program to facilitate supervised conferences between creditors and borrowers.

Massachusetts S653 creates a foreclosure prevention program to help homeowners avoid foreclosure. Eligible borrowers can participate in supervised conferences with creditors to explore loss mitigation options. The program includes a notice process, conference scheduling, and the appointment of conference monitors. Creditors must make a good faith effort to reach an agreement, and failure to do so can result in sanctions. The program also includes funding mechanisms and data reporting requirements.