I just posted a summary of the Massachusetts Foreclosure Prevention Law on my blog dealing specifically with short sales. Hopefully this new law will slow down the foreclosure process as well as make the banks take a closer look at options to foreclosure.
Excerpt reprinted from MassachusettsShortSales.info
Governor Deval Patrick signed into law the new Foreclosure Prevention Law in August of this year and went into effect on November 1st. The Foreclosure Prevention Law is described as “An Act Preventing Unlawful and Unnecessary Foreclosures.”
Mortgage Assignments are Required to be Recorded
The new law states the foreclosure process may not begin unless the entire chain of mortgage assignments from the original mortgagee to the foreclosing party is recorded. Read more….
Leave a Reply