Wednesday, November 06, 2013
Massachusetts homeowners receive further protection due to new foreclosure regulations
The Division of Banks has adopted new regulations (209 Code of Mass Regulations 18) to prevent third party mortgage servicers from foreclosing on a property if a loan modification is in process. Similar regulations for mortgage lenders were issued earlier this year. As Consumer Affairs and Business Regulation Undersecretary Barbara Anthony explained “These new rules complement the recently adopted foreclosure prevention regulations that require lenders and servicers to modify certain mortgage loans if the cost of modification is less than the cost of foreclosure.” The regulations became effective on October 11, 2013.