Introduced
by
To require courts to prohibit the foreclosure of a residential mortgage or land contract for one year if the borrower requests it, notwithstanding the provisions of any contract between the lender and borrower, or any obligations of the lender which may be dependent on the revenue from loan repayments or proceeds from the foreclosure and sale of the property. A lender would not be allowed to initiate foreclosure proceedings unless he gives the borrower a chance to meet within 30 days about mediation, and would have to wait 30 days after that meeting (unless the borrower does not show).
Referred to the Committee on Banking and Financial Services
