New Massachusetts Law Affecting Foreclosures, Evictions, Reverse Mortgage Lending and Mortgage Fraud

more+
less-

On August 7, 2010, Massachusetts Governor Deval Patrick signed new legislation affecting mortgages, Chapter 258 of the Acts of 2010, “An Act Relative to Mortgage Foreclosures” (the “Act.”) The earliest version of the Act was Senate Bill No. 2406 (known as “An Act to Stabilize Neighborhoods”) which was passed in April 2010 by the Massachusetts Senate. On July 14, 2010, the language was replaced by House Bill No. 4934, as amended, and presented to the Governor for signature. The Act makes sweeping changes to Massachusetts foreclosure law and the required right to cure notice which must be given prior to the commencement of foreclosure. It also provides additional protections for tenants living in foreclosed properties. The Act also creates new requirements for lenders offering reverse mortgages, it creates new mortgage fraud statutes which impose criminal penalties on those who participate in the fraud, and it creates a tax exemption for non-profits that hold real estate to build affordable housing.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Partridge Snow & Hahn LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

CONNECT

Partridge Snow & Hahn LLP is a full-service business law and litigation firm founded in 1988. The... View Profile »


Follow Partridge Snow & Hahn LLP:

Reporters on Deadline

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×