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New foreclosure laws to protect homeowners in Massachusetts

Shared by Sara on Fri Aug 13, 2010 3:20 am
In Massachusetts, a new law has been signed which extends the existing 90-day cooling off period to 150 days. The cooling-off period gives the property owners and their lenders time to negotiate new terms on the mortgage which will help them in avoiding a foreclosure. The new law also prohibits the lenders from issuing eviction notices to tenants in foreclosed properties. As per this new law, the lender can evict the tenants for a just cause only. The "just cause" may include non payment of rents on time or violation of the lease agreement. Source: http://www.boston.com/news/local/massachusetts/articles/2010/08/07/new_mass_law_toughens_foreclosure_safeguards/

Community Members Opinion

jameshogg

Joined: 20 Dec 2005

Posts: 10467
Location: Nevada

988.72 Dollars($)

Posted: Fri Aug 13, 2010 9:43 pm Post subject:

Hi Sara, Thanks for sharing the news! It's great to note that the new Massachusetts law would safeguard both the homeowners as well as the tenants. In most cases, the tenants had to move out of the property once the lender started the foreclosure process. I hope that this new law gets implemented in other states of the country as well. Thanks