Foreclosure Mediation Ordinance

PROVIDENCE, R.I. (WPRI) - Here are the details of the Foreclosure Mediation Ordinance unveiled by Providence Mayor David Cicilline Monday.

• Provide a safety valve for owner-occupied homeowners who are facing imminent foreclosure by establishing a mandatory mediation process between the homeowner and mortgage holder/lender.
• Both sides would be required to meet with a third-party, HUD-approved, independent counseling agency for mediation prior to entering into foreclosure.
• City would not accept deed filed by lender/mortgage holder until all required steps set forth in the ordinance have been completed.