On August 3, 2012, Massachusetts Governor Deval Patrick signed into law what’s been called the new Foreclosure Prevention Law. The new law makes significant changes to existing foreclosure practices, and also attempts to clean up the recent turmoil surrounding defective foreclosure titles after the U.S. Bank v. Ibanez and Eaton v. FNMA rulings. It goes into effect on Nov. 1, 2012. A quick summary is as follows with details below:
• New requirement that mortgage assignments be recorded
• New mandatory requirement to offer loan modifications and mediation to qualified borrowers
• New Eaton foreclosure affidavit confirming ownership of note/mortgage loan
• Protection for third party buyers of foreclosed properties
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