Rhode Island Adopts Foreclosure Mediation

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On July 15, Rhode Island enacted HB 5335 to create a temporary foreclosure mediation program. Effective September 1, 2013 through July 1, 2018, the new law requires mortgagees or their servicers or agents to provide borrowers who are not more than 120 days delinquent written notice that foreclosure cannot proceed without the borrower first having an opportunity to participate in a mediation conference. The law establishes the procedures and requirements for such conferences and prohibits a mortgagee from proceeding with a foreclosure action until the mediator certifies that, after good faith effort by the mortgagee, the parties could not reach agreement.

Topics:  Foreclosure, Mediation, Mortgages, New Legislation

Published In: Alternative Dispute Resolution (ADR) Updates, General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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