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Section 2. For the purposes of this Act, the following words shall, unless the context clearly <br /> requires otherwise, have the following meanings: <br /> commercially reasonable alternative — an alternative based on a comparison of the net present <br /> value of receiving payments pursuant to a modified mortgage loan or the likely financial recovery <br /> from other foreclosure alternatives to the anticipated net recovery following foreclosure <br /> incorporating an assessment of the borrower's current circumstances, including without limitation <br /> the borrower's current income, debts and obligations. <br /> creditor—a person or entity that holds, owns or controls, partially, wholly, directly or indirectly„ <br /> or in a nominee capacity, a mortgage loan secured by residential property, including, without <br /> limitation, a mortgagee, an originator, holder, investor, assignee, successor,trust,trustee,nominee <br /> holder, Mortgage Electronic Registration System or mortgage loan servicer, including, but not <br /> limited to the Federal National Mortgage Association or the Federal Home Loan Mortgage <br /> Corporation or any other Government Sponsored Entity. The term "creditor" shall also include <br /> any servant, employee, subcontractor or agent of a creditor. <br /> good faith effort—an effort by each party upon being present and fully taking part in the mortgage <br /> mediation conference as required and defined by this Act in an effort to negotiate and agree upon <br /> a commercially reasonable alternative to foreclosure. <br /> homeowner — an individual mortgagor, his or her assignee, successor, or a trust or trustee who <br /> owns and resides in residential real property located in the city, and for whom such residential real <br /> property is his/her principal residence. <br /> mortgage mediation conference or mediation conference or mediation —the formal discussion(s) <br /> and negotiation(s) undertaken by the parties in a good faith effort to negotiate and agree upon a <br /> commercially reasonable alternative to foreclosure and held at a location mutually convenient to <br /> the parties. Both the homeowner/mortgagor and lender/mortgagee must be physically present for <br /> the mortgage mediation conference unless telephone participation is agreed upon. <br /> Mediation Program or Program —the foreclosure mediation program established in the Town of <br /> Mashpee pursuant to this Act and described in Section 6. <br /> Mediation Program Manager—a neutral not-for-profit organization experienced in the mediation <br /> of the residential foreclosure process, familiar with all programs available to help homeowners <br /> avoid foreclosure, and knowledgeable of the mortgage foreclosure laws of the Commonwealth. <br /> Mediation Program Manager(s) shall execute an appropriate user agreement with the municipality <br /> authorizing the receipt and use of personal and financial information for the purposes of the <br /> Mediation Program only. Such Mediation Program Manager(s) shall ensure the security and <br /> confidentiality of any and all information received or exchanged under the Mediation Program <br /> consistent with applicable federal, state, and municipal laws. Access to program information shall <br /> be limited to those officers and employees of the organization who require the information to <br /> properly perform services under the municipality's Mediation Program, and that the organization <br /> or individual and/or its officers and employees shall not access, modify, use or disseminate any <br /> Mediation Program information for purposes unrelated to the Mediation Program and the <br /> Mediation Program Manager(s) shall provide the municipality with evidence that it maintains <br /> sufficient safeguards to protect against the loss or unauthorized dissemination of private or <br /> 36 <br />