An Act relative to unlawful practices in the servicing and foreclosure of a subordinate mortgage
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill addresses potential unfair or deceptive practices related to the servicing and foreclosure of subordinate mortgages in Massachusetts. It aims to establish clearer rules and protections for homeowners facing foreclosure, focusing on ensuring transparency and preventing abusive practices by mortgage servicers. The bill seeks to improve the process and outcomes for those impacted by foreclosure proceedings.
Key provisions
- Requires mortgage servicers to provide homeowners with clear and understandable information about their rights.
- Establishes standards for communication with homeowners during the foreclosure process.
- Addresses potential issues related to the collection of fees and charges.
- Requires mortgage servicers to provide adequate notice before initiating foreclosure proceedings.
- Promotes transparency in foreclosure processes.
- Addresses unlawful practices in the servicing and foreclosure of subordinate mortgages.
- Requires mortgage servicers to provide homeowners with a detailed accounting of their mortgage account.
Who is affected
- Homeowners with subordinate mortgages
- Mortgage servicers
- Judges overseeing foreclosure proceedings
- Massachusetts residents
Notable changes
- The bill seeks to clarify and strengthen existing foreclosure regulations.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
William J. Driscoll Jr.
Cosponsor
William J. Driscoll Jr.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours