ProAm: Assembly extends foreclosure mediation law
Published/Posted By: The Providence American
Posted: July 22, 2018
STATE HOUSE - The General Assembly today approved legislation sponsored by Sen. Harold M. Metts and Rep. Mary Duffy Messier to add five years to the life of an expiring law that keeps families in their homes and avoids foreclosure.
The bill, which the sponsors submitted on behalf of Attorney General Peter F. Kilmartin, extends a July 1 sunset provision in a 2013 law that requires mortgage lenders to initiate and participate in mediation efforts with homeowners facing foreclosure in an effort to prevent it. The bill moves the sunset provision to July 1, 2023.
The sponsors said the law provides critical protection for homeowners, requiring their lenders to make a good-faith effort with the help of an independent mediator to try to come to an agreement to that helps save their homes from foreclosure.
Courtesy of Providence American