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Article 33 and health of occupants, abutters and neighborhoods, and to minimize hazards to public safety personnel To see if the Town will vote to Pass an Ordinance to inspecting or entering such properties. Repair the Impact of the Foreclosure Crisis on the Town of Mashpee (attached) that will: (1) require Section 2. For the purposes of this Act,the following mediation of mortgage foreclosures of owner occu- words shall,unless the context clearly requires other- pied residential real estate property in Mashpee; and wise,have the following meanings: (2)require security and maintenance of vacant or fore- t closing property. commercially reasonable alternative — an alternative based on a comparison of the net present value of Submitted by Petition receiving payments pursuant to a modified mortgage loan or the likely financial recovery from other fore- The Board of Selectmen does not recommend closure alternatives to the anticipated net recovery fol- d approval by a vote of 3-1,1 absent. lowing foreclosure incorporating an assessment of the borrower's current circumstances, including without e Finance Committee does not recommend approval limitation the borrower's current income, debts and �. if by a vote of 5-0,2 absent. obligations. d Finance Committee recommends the change of creditor— a person or entity that holds, owns or con- ordinance to bylaw by a vote of 7-0, trols, partially, wholly, directly or indirectly„ or in a e nominee capacity, a mortgage loan secured by resi- Motion made by Peter White. dential property,including,without limitation,a mort- n gagee, an originator, holder, investor, assignee, suc- Motion: I vote to amend Article 33 by changing the cessor, trust, trustee, nominee holder, Mortgage word ordinance to bylaw wherever it appears and to Electronic Registration System or mortgage loan ser- authorize the Town Attorney to make any other gram- vicer, including, but not limited to the Federal matical changes that he feels is necessary without National Mortgage Association or the Federal Home n changing the intent of the article. Loan Mortgage Corporation or any other Government Sponsored Entity. The term "creditor" shall also a AN ORDINANCE TO REPAIR THE IMPACT OF include any servant,employee,subcontractor or agent THE FORECLOSURE CRISIS ON THE TOWN OF of a creditor. MASHPEE a good faith effort—an effort by each party upon being Be it ordained by the Town Meeting of the Town of present and fully taking part in the mortgage media- I" Mashpee as follows tion conference as required and defined by this Act in an effort to negotiate and agree upon a commercially {Chapter of Municipal laws to amend} is hereby reasonable alternative to foreclosure. amended by deleting the section and inserting the fol- i lowing new section: homeowner — an individual mortgagor, his or her 1 assignee,successor,or a trust or trustee who owns and SECTION 1: Facilitating Mediation of Mortgage resides in residential real property located in the city, i Foreclosures of Owner Occupied Residential Real and for whom such residential real property is his/her Property in Mashpee: principal residence. Section 1. Unsecured and unmaintained properties mortgage mediation conference or mediation confer- and especially vacant properties present a danger to ence or mediation — the formal discussion(s) and II the safety and welfare of public safety officers, the negotiation(s) undertaken by the parties in a good public,occupants,abutters and neighborhoods,and as faith effort to negotiate and agree upon a commer- such, constitute a public nuisance. This section is cially reasonable alternative to foreclosure and held at enacted to promote the health, safety and welfare of a location mutually convenient to the parties. Both the the public,to protect and preserve the quiet enjoyment homeowner/mortgagor and lender/mortgagee must be i 67