NC S467

Establishes a mandatory mediation program for foreclosures under power of sale in deeds of trust, requiring substitute trustees to initiate mediation before filing a notice of hearing.

Foreclosure actions must be dismissed unless the substitute trustee obtains certification from the mediator confirming compliance with mediation requirements or the clerk finds the mediator improperly failed to issue certification.

Requires holders or their agents to provide specified documents within defined timeframes, including loan balance statements, notes, deeds of trust, payment history, arrearage statements, and explanations of any loan modification denials.

Mediators must be certified by the Dispute Resolution Commission and trained in relevant law, community resources, and mortgage assistance programs; mediators may refer borrowers to community-based resources.

Allows participants to waive mediation by written notice to the mediator with no costs assessed if all parties waive before the first mediation meeting; mediator must file certification with the clerk upon conclusion stating whether mediation succeeded, was waived, or if participants failed to participate.