MS HB792

Creates the Mississippi Residential Mortgage Foreclosure Mediation Program (RMFM), requiring mandatory mediation between borrowers and lenders before foreclosure on homestead properties can proceed

Requires plaintiffs to file an RMFM Program Form at the time of filing suit and pay program fees of up to $750 ($400 at filing, $350 when mediation is scheduled)

Borrowers must meet with a HUD-certified foreclosure counselor within 30 days of initial contact with the program manager and provide financial disclosure documents before mediation can be scheduled

Mediation must be scheduled between 60 and 120 days after suit is filed, with both plaintiff's representative (with full settlement authority) and borrower required to attend in person or face sanctions including dismissal

Effective July 1, 2014, and managed by the Administrative Office of Courts, with mediators selected from the Court Annexed Mediation Program who have completed specialized foreclosure mediation training