ProJo: R.I. Senate OKs extending foreclosure protections for 5 years

PROVIDENCE, R.I. — With a vote of 31 to 0, the state Senate passed a bill Wednesday that would extend for another five years a law requiring banks to mediate with homeowners before starting a foreclosure.

The state's Foreclosure Mediation Act, passed in 2013, is set to expire July 1.

The law requires lenders to give homeowners the option of meeting with their lender and an independent mediator from Rhode Island Housing to attempt to work out a solution and avoid foreclosure.

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