I agree , Robert. I think the thrust of the new law is to reduce the number of foreclosure properties being dumped on the market  which further deflate home values. This is one of those cases in which the State has reacted positively to both the needs of the people and pressures on the economy in general.

Hopefully the new law combined with CHFA's emergency mortgage assistance in hardship cases will improve the situation. Unfortunately most people do not know that the assistance is available to them ...although the program has been available for a number of years. The procedural law in foreclosure cases changed three days ago to require the plaintiff to notify the defendant that he has the right to mediation during the foreclosure in which he will be informed of his options, and exploration of restructuring the mortgage or refinancing of the mortgage can be explored.

The lenders seem quite receptive to restructuring of the mortgage as an alternative to foreclosure. I saw one foreclosure action several months ago in which the homeowners had fallen four months in arrears. The lender agreed to reinstate the mortgage, add the four delinquent payments and accrued interest to the back end of the mortgage and extend the term of the mortgage by four months. The lenders seem to prefer foreclosure of property as a last resort only.