05/07/2012 Annual Town Meeting - Laserfiche WebLink

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AN ORDINANCE TO REPAIR THE IMPACT OF THE FORECLOSURE CRISIS ON THE TOWN OF MASHPEE Be it ordained by the Town Meeting of the Town of Mashpee as follows {Chapter of Municipal laws to amend} is hereby amended.by deleting the section and inserting the following new section: SECTION I: Facilitating Mediation of Mortgage Foreclosures of Owner Occupied Residential Real Property in Mashpee: Section 1. Unsecured and unmaintained properties and especially vacant properties present a danger to the safety and welfare of public safety officers,the public, occupants, abutters and neighborhoods, and as such, constitute a public nuisance. This section is enacted to promote the health, safety and welfare of the public, to protect and preserve the quiet enjoyment and health of occupants, abutters and neighborhoods, and to minimize hazards to public safety personnel inspecting or entering such properties. Section 2. For the purposes of this Act, the following words shall, unless the context clearly requires otherwise, have the following meanings: commercially reasonable alternative—an alternative based on a comparison of the net present value of receiving payments pursuant to a modified mortgage loan or the likely financial recovery from other foreclosure alternatives to the anticipated net recovery following foreclosure incorporating an assessment of the borrower's current circumstances, including without limitation the borrower's current income, debts and obligations. creditor — a person or entity that holds, owns or controls, partially, wholly, directly or indirectly, , or in a nominee capacity, a mortgage loan secured by residential property, including, without limitation, a mortgagee, an originator, holder, investor, assignee successor, trust, trustee, nominee holder, Mortgage Electronic Registration System o`r mortgage loan servicer, including, but not limited to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation or any other Government Sponsored Entity. The term "creditor" shall also include any servant, employee, subcontractor or agent of a creditor. good faith effort —an effort by each party upon being present and fully taking part in the mortgage mediation conference as required and defined by this Act in an effort to negotiate and agree upon a commercially reasonable alternative to foreclosure. homeowner—an individual mortgagor, his or her assignee, successor, or a trust or trustee who owns and resides in residential real property located in the city, and for whom such residential real property is his/her principal residence. mortgage mediation conference or mediation conference or mediation — the formal discussion(s) and negotiation(s) undertaken by the parties in a good faith effort to negotiate and agree upon a commercially reasonable alternative to foreclosure and held at a location mutually convenient to the parties. Both the homeowner/mortgagor and lender/mortgagee must be physically present for the mortgage mediation conference unless telephone participation is agreed upon.