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A Bill to Stabilize Neighborhoods -- chapter 258 of the Acts of 2010 -- New Massachusetts Foreclosure Law

Date: 
08/30/2010
Author: 
Massachusetts

On Saturday August 7, Governor Patrick signed into a law “A Bill to Stabilize Neighborhoods” which had been approved by the Legislature on July 27, 2010 . A link to the bill is here.

The bill addresses the worsening foreclosure crisis in Massachusetts where there have been 7,431 foreclosures through the first six months of 2010 – a 56.7% percent increase over the same time period in 2009:

  • Requires 150 cure period if lender does not negotiate a loan modification;
  • Provides eviction protections to tenants in foreclosed properties who pay rent and comply with tenancy obligations;
  • Provides additional consumer protections for reverse mortgages;
  • Allows exemption from property taxes for nonprofits that rehabilitate a foreclosed property;
  • Criminalizes mortgage fraud.

MLRI has prepared a Summary of Tenant Protections in the new Massachusetts law.
 


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