If you face foreclosure in Rhode Island, you’re guaranteed a sit-down with your bank, to try and mediate a deal. But that guarantee is set to expire in July.
That has housing advocates and local leaders concerned that foreclosures will once again blight neighborhoods with abandoned properties. They’re pushing legislation that would extend the program, until at least 2023.
Adopted in 2013, after the housing crisis, some 700 homeowners have avoided foreclosure as a result of these mediation session, according to Barbara Fields, director of Rhode Island Housing.