H.R.3595 - Mandatory Foreclosure Mediation Act

To establish a mandatory mediation process for servicers of residential mortgages and borrowers. view all titles (2)

All Bill Titles

  • Official: To establish a mandatory mediation process for servicers of residential mortgages and borrowers. as introduced.
  • Short: Mandatory Foreclosure Mediation Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/07/11
 
 
 
 
 
 
 

Official Summary

Mandatory Foreclosure Mediation Act - Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has: (1) made a reasonable effort to initiate mediation proceedings to determine if the borrower is eligible for a loan modification or an alternative to fo

Official Summary

Mandatory Foreclosure Mediation Act - Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has:
(1) made a reasonable effort to initiate mediation proceedings to determine if the borrower is eligible for a loan modification or an alternative to foreclosure; and
(2) offered the borrower, if eligible, such a modification or alternative. Requires a servicer to suspend a foreclosure action initiated before the enactment of this Act until the servicer:
(1) completes such a mediation proceeding; and
(2) offers the borrower, if eligible, a modification or alternative. Prohibits a servicer, during the suspension period, from:
(1) sending the borrower a notice of foreclosure,
(2) conducting or scheduling a sale of the real property securing the mortgage, or
(3) causing final judgment to be entered against the borrower. Directs the Secretary of Housing and Urban Development (HUD) to establish such a mediation process. Declares that a servicer is not required to suspend a foreclosure action if the servicer makes a reasonable effort to schedule a mediation proceeding and documents that the borrower has not agreed to one. Makes a violation of this Act a bar to a foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.

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