Massachusetts Senate Passes Bill Designed to prevent Unnecessary Foreclosures

Banker & Tradesman
June 7, 2012

Senators voted to set standards to require banks to analyze every loan before opting for foreclosure. Banks are now required to offer a reasonable modification if that analysis is better for the bank than the foreclosure. Additionally, “The Senate amended the bill to include provisions, such as the creation of a foreclosure mediation program that would bring mortgage lenders and homeowners together.”

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