05/07/2012 Annual Town Meeting - Laserfiche WebLink

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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 mediation 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. Section 7. For the purpose of the Mediation Program established by the municipality, the municipality shall receive a copy of all notices filed pursuant to G.L. C. 244 § 35A(g),(h), within ten (10) days of receipt by the Commissioner of the Division of Banks pursuant to G.L. c. 244, §35A(k) that relate to residential properties in the Town of Mashpee. The municipality shall thereafter promptly notify the creditor/mortgagee and the mortgagor/homeowner of their rights and responsibilities under this Act regarding mediation. It is the intent and purpose of this Act that a mediation conference take place within forty-five (45) days of the mortgagor/homeowner receiving notice of his or her right to cure as provided in G.L. c. 244, §35A (g) and (h). The municipality shall refer the matter for mediation to an approved Mediation Program Manager who shall have the responsibility of assigning a mediator and scheduling the parties to immediately commence mediation pursuant to this Act. The mediation shall proceed with the parties' good faith effort to negotiate and agree upon a commercially reasonable alternative to foreclosure as defined in G.L. c. 244, §35A(c). The mediation conference shall continue without delay until completion, but shall in no way constitute an extension of the foreclosure process, nor an extension of the mortgagor/homeowner's right to cure period. Notwithstanding the limitation in the previous sentence, the mediation conference may be extended by mutual agreement of the parties which the mediator shall document. Section 8. The mediation program established by this Act shall include, and be limited to, the following steps: (a) the parties shall participate in a mandatory loan/mortgage mediation conference at a location mutually convenient to the parties. All parties present at said mediation conference must have authority to enter into any agreements renegotiating the mortgage that is the subject of the foreclosure, or to otherwise resolve the pending foreclosure.