SB 5275-S - DIGEST |
(DIGEST OF PROPOSED 1ST SUBSTITUTE) |
Establishes the foreclosure fairness act to: (1) Encourage homeowners to use the skills and professional judgment of housing counselors as early as possible in the foreclosure process; |
(2) Create a framework for homeowners and beneficiaries to communicate with each other to reach a resolution and avoid foreclosure whenever possible; and |
(3) Provide a process for mediation when a housing counselor or attorney determines that mediation is appropriate. |
Creates the foreclosure fairness account. |