05/07/2012 Annual Town Meeting - Laserfiche WebLink

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shall be facilitated by a municipality-approved Mediation Program Manager according to procedures established by this Act. Said Mediation Program may only relate to the mediation of mortgage foreclosures of residential real property in the {Municipality} that is the mortgagor's principal residence. Section 5. Pursuant to this Act, the municipality shall establish a Mediation Program to provide mediation for all foreclosures of mortgages on owner-occupied residential property with no more than four (4) units that is the primary residence of the owner-occupant. The Mediation Program shall address all issues reasonably related to a foreclosure on the subject property, including but not limited to reinstatement of the mortgage, modification of the loan and restructuring of the mortgage debt, including the reduction and forgiveness of mortgage debt. Mediation conferences conducted pursuant to the Mediation Program shall use the calculations, assumptions and forms that are established or made available through (i) the Federal Deposit Insurance Corporation and published in the Federal Deposit Insurance Corporations Loan Modification Program Guide available on the Federal Deposit Insurance Corporation's publicly accessible website, (ii) the Home Affordable Modification Program; (iii) any modification program that a mortgagee may use which is based on accepted principles and the safety and soundness of the institution and recognized by the National Credit Union Administration, the Division of Banks or any other instrumentality of the commonwealth; (iv) the Federal Housing Agency; or (v) similar federal programs. The municipality shall provide for a means of evaluating and selecting qualified Mediation Program Managers. The municipality shall also provide for a means of assessing and evaluating annually the municipality's Mediation Program including reports and data related to(a)the number of mortgagors who are notified of mediation; (b) the number of mortgagors/homeowners who attend mediation and who receive counseling or assistance; (c) the number of certificates of completion issued under the Mediation Program, (d)the results of the mediation process, including the number of loans restructured, number of principal write-downs, interest rate reductions and, to the extent such information is available, the number of mortgagors/homeowners who default on mortgages within a year after successful mediation conferences, (e) any such other information as the municipality may determine to be necessary and or helpful in assessing the value of a Mediation Program and any adjustments that may need to be made thereto. The municipality may terminate a Mediation Program Manager's participation in the Mediation Program for good cause, as determined by the appropriate municipal official and subject to any applicable rules and regulations developed by the municipality. In such case, the Mediation Program Manager shall promptly deliver to the municipality all records and information in its possession for appropriate preservation and storage. Section 6. Except for financial information otherwise permitted by law to be disclosed, any financial statement or information provided to the municipality or its approved independent counseling agencies or provided to the mortgagee or mortgagor during the course of meditation in accordance with this Act shall be confidential and shall not be available for public inspection. Any financial statement or information to reasonably facilitate the mediation conference(s) shall be made available as necessary to the mediator and to the attorneys or representatives, if any, of the parties to the mediation. Any financial statement or information designated as confidential under this section shall be kept separate and apart from other papers and matters not the subject of the mediation. 38