New Massachusetts Foreclosure Prevention Law

With so many short sales and foreclosures that have taken over the real estate industry over the past several years, it is not surprising that Massachusetts has passed a new Foreclosure Prevention Law. 

According to a recent blog post by  Attorney Richard Vetstein Esq of Vetstein Law Group PC and Title Hub Closing Services LLC,  Governor Duval Patrick signed the new law on August 3rd, to take effect November 1st.

In simple terms it requires: (1) Mortgage assignments be recorded –(2) Loan modifications and mediation be offered to qualified borrowers — (3) Eaton foreclosure affidavit confirming ownership of note/mortgage loan — (4) Protection of 3rd party buyers of foreclosed properties.

For explanation of the above requirements read the full text of this blog at http://www.massrealestatelawblog.com/2012/08/16/help-on-the-way-new-massachusetts-foreclosure-prevention-law-passed/

If you are behind in your mortgage at least 3 months and need help with deciding what you need to do next, contact Joan Parcewski at Woods Real Estate by phone at 978-376-3978 or by email at Joan@woodsre.com

Joan Parcewski, Realtor & Notary   (LMC – Loss Mitigation Certified, SFR – Short Sale & Foreclosure Resource, CDPE – Certified Distressed Property Expert)

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