Massachusetts Borrowers Certification of No Material Change No Damage
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How to fill out Borrowers Certification Of No Material Change No Damage?
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FAQ
The law now requires that lenders send a 150-day right-to-cure notice rather than a 90-day notice in any case where the property sought to be foreclosed is the borrower's principal residence and is collateral for a residential loan.
Loss mitigation is the process of borrowers and mortgage servicers working together to create a plan to avoid foreclosure. This can be done in several different ways, including through forbearance, repayment plans, loan modification, short sale and deed-in-lieu of foreclosure.
Mortgage Lenders: The DOB's regulation 209 CMR 42.03(2)(a) requires mortgage lenders to maintain a net worth of not less than $200,000.
This law is codified at Chapter 244 § 35B of the Massachusetts General Laws. This law requires creditors holding ?certain mortgage loans? to notify borrowers of the borrower's right to pursue a modified mortgage loan.
Which Type of Foreclosure Is Permitted in Massachusetts? If you default on your mortgage payments in Massachusetts, the lender may foreclose using a judicial or nonjudicial method.
Short Sale or Deed-in-Lieu Short sales and deeds-in-lieu of foreclosure are "liquidation options." This means that through these options you avoid foreclosure but do not keep the property. In a short sale, the lender lets you sell the property to a third party for less than what you owe.
Section 35B prohibits a lender from publishing a notice of foreclosure sale with respect to ?certain mortgage loans? without first having taken reasonable steps and made a good faith effort to avoid foreclosure.
Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date. A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice. The foreclosure sale will be conducted by a licensed auctioneer.
