MA Law Extends Foreclosure Notification Period
A Massachusetts law that extends the foreclosure notification period to 90 days went into effect on the first of the month, the Boston Herald reported May 1, 2008.
The law requires lenders give borrowers 90 days after a notice of delinquency to resolve their debt. The previous law required only 30 days notice.
"Gov. Deval Patrick says the new rules are aimed at avoiding unnecessary foreclosures and allowing more people to stay in their homes. He’s asking lenders to use the 90-day period to restructure as many loans as possible."
As of July 1, the law will also require the licensing of all mortgage loan originators (aka, mortgage brokers).
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