kmov.com - The St. Louis Board of Alderman passed a bill which Mayor Francis Slay signed into law Wednesday establishing a new ordinance requiring lenders to offer mediation for homeowners facing foreclosure.

According to the Mayor’s Office, the new ordinance addresses the communication breakdown between homeowners and lenders by asking the lender to meet with the homeowner to review loan difficulties, discuss possible modifications and explore federal housing resources prior to completing an owner-occupied, residential foreclosure. Read more