An Act establishing a Massachusetts foreclosure prevention program

This bill establishes a Massachusetts Foreclosure Prevention Program requiring creditors to offer supervised conferences before proceeding with foreclosure on primary residence mortgages. It directly affects homeowners facing foreclosure (including those at risk of default) and their creditors, such as banks or mortgage servicers. The key mechanism mandates that creditors engage in good faith efforts to find alternatives to foreclosure - like modified payments - through a conference process facilitated by trained monitors (e.g., retired judges or housing experts). The program requires creditors to notify a state administrator when sending foreclosure notices, provides borrowers 30 days to request a conference, and issues a "certificate of compliance" if creditors follow the process. This creates a structured, pre-foreclosure step to help homeowners retain their homes while reducing creditor losses.