An Act establishing a Massachusetts foreclosure prevention program

This bill creates a new Massachusetts Foreclosure Prevention Program designed to help homeowners facing the risk of losing their homes. The program establishes supervised conferences where borrowers and creditors meet with trained monitors to negotiate sustainable alternatives to foreclosure, such as loan modifications or repayment plans. Eligible participants include homeowners who have received a notice of right to cure, those at imminent risk of default, individuals referred by judges, and borrowers in active bankruptcy cases with permission from the court. The law defines specific rules for who can attend these conferences, ensuring that the creditor's representative at the meeting is not the borrower's attorney.