Vote Smart's Synopsis:

Vote to pass a bill that establishes a mediation programs to reduce the number of home foreclosures.

Highlights:

• Requires a homeowner-borrower to receive written notice from the residential mortgage lender, of the option to participate in the Foreclosure Mediation Program at the time the homeowner-borrower receives a notice of intention to foreclose (Sec. 3).

• Authorizes a court to order mediation whenever a homeowner-borrower files an answer to a foreclosure complaint (Sec. 4).

• Authorizes a homeowner-borrower to initiate mediation in accordance with court rules, and the courts must provide the homeowner-borrower with no less than 60 days following receipt of the foreclosure complaint and summons to initiate mediation (Sec. 4).

• Specifies that the homeowner-borrower will not be required to pay any fees in order to participate in the mediation program (Sec. 4).

Full Bill Text