HB 2683 Summary

• Establishes a foreclosure mediation program in the administrative office of the courts, overseen by the Supreme Court, to provide mediation for nonjudicial foreclosures of deeds of trust on owner-occupied residential property.

• Requires mandatory preliminary financial review with a housing counselor or attorney and mediation addressing reinstatement, loan modification, and debt restructuring using federal deposit insurance corporation guidelines and forms.

• Mandates that beneficiaries and trustees cannot proceed with foreclosure during mediation, which is stayed by court order; foreclosure may only resume after the court certifies and records notice that program requirements were satisfied.

• Requires beneficiaries to provide trustors with loan balance statements, promissory notes, payment history, appraisals, and explanations for any modification denials at least ten days before mediation.

• Terminates the program on July 1, 2024, and applies only to owner-occupied residential properties where a notice of sale has not been recorded before the bill's effective date.