The Boston Globe reported that Massachusetts will consider regulations that will assist homeowners avoid foreclosure. Under the proposed regulations, "many mortgage loan servicers would not be able to begin foreclosure proceedings on a borrower already in the process of modifying their loan." Additionally, loan servicers must ensure that the lender has the right to foreclose and that all paperwork is complete. The loan servicers would be required to notify homeowners when they are at risk of foreclosure.
Public comment period is scheduled for November 2012. After the public comment period, the state will have the opportunity to approve or to reject the new regulations. If approved, the regulations would supplement legislation already signed by Governor Deval Patrick back in August.
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