Rep. Janet Maratita (Ind-Saipan) introduced a bill establishing foreclosure mediation for all principal residences, saying this will help families avoid losing their homes in times of financial difficulties.<\/p>\n
\u201cIt\u2019s a win-win bill especially for the homeowners. Many of our people are losing their homes due to financial constraints, either because of unemployment, death or medical expense of a family member, 25-percent cut in pension, etc. I hope this bill will alleviate foreclosures of primary residential,\u201d Maratita, a Saipan senatorial candidate, told Saipan Tribune Wednesday.<\/p>\n
House Bill 18-203 establishes a program assuring the availability of mediation and application of the federal Home Affordable Modification Program, or HAMP, requirements on foreclosure of a mortgage on any dwelling house of four units or less that is occupied by the owner as a principal residence.<\/p>\n
This only applies to foreclosure actions involving loans that are subject to the federal HAMP guidelines.<\/p>\n
Under the bill, a qualified mediator is someone licensed to practice law in the state and is required to have taken a specialized, continuing legal education training course on foreclosure prevention or loss mitigation approved by the CNMI Bar Association.<\/p>\n
The parties\u2019 rights in a foreclosure action are not waived by their participation in mediation under the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rep. Janet Maratita (Ind-Saipan) introduced a bill establishing foreclosure mediation for all principal residences, saying…<\/p>\n","protected":false},"author":35,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[37,194,67],"class_list":["post-176572","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-education-2","tag-house-bill","tag-people"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/176572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=176572"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/176572\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=176572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=176572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=176572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}