WASHINGTON, D.C. – March 20, 2013 – (RealEstateRama) — As witnessed over the last several years, foreclosures lead to vacant homes, which destabilize neighborhoods and further drive down property values as well as having a devastating impact on the families that lose their home. In response, Attorney General Peter F. Kilmartin filed legislation to the Rhode Island General Assembly requiring mortgage service providers to participate in good faith in a conciliation process administered by a HUD-approved independent agency. The goal of the process is to facilitate an agreement between the lender and homeowner that will avoid a foreclosure. The legislation, H5335S0416, is sponsored by Representative Raymond Gallison and Senator Donna Nesselbush
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