05/07/2012 Annual Town Meeting - Laserfiche WebLink

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structure containing not more than four (4) residential units, and shall also include a residential condominium unit or a residential co-op unit occupied by an owner as an owner's principal or primary residence. non judicial mortgage foreclosure - a foreclosure process under the "power of sale" contained in a mortgage pursuant to G.L. c. 183, s. 21 and G.L. c. 244. the parties—the homeowner/mortgagor and the creditor/mortgagee or their successors or assignees. Section 3. Notwithstanding any general or special law to the contrary, all non judicial mortgage foreclosures in the Town of Mashpee pertaining to residential property which is occupied as the owner's principal residence shall be required to engage in a municipality- approved Mediation Program as set out in this Act, and shall obtain a certificate verifying the mortgagee's good faith participation in the Mediation Program. Section 4. The Town of Mashpee shall establish a Mediation Program relative to mortgage foreclosures in accordance with this Act and promulgate regulations as necessary and appropriate to implementing such a Mediation Program involving mortgagees, creditors, mortgagors, homeowners, utilizing municipality-approved Mediation Program Manager(s) and mediators to mediate between the mortgagee and a mortgagor who owns residential real property in the municipality which is occupied by the mortgagor as his or her principal residence. Such mediation 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 {Muncipality) 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