An Act relative to unlawful practices in the servicing and foreclosure of a subordinate mortgage
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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 legislation seeks to improve the process and safeguard homeowners’ rights during these challenging situations.
Key provisions
- Requires mortgage servicers to provide clear and understandable information to borrowers.
- Establishes standards for communication with borrowers facing foreclosure.
- Prohibits certain practices considered unfair or deceptive in mortgage servicing.
- Addresses issues related to subordinate mortgages.
- Mandates transparency in foreclosure proceedings.
- Requires servicers to provide a detailed accounting of fees and charges.
- Protects borrowers from excessive fees and penalties.
- Ensures borrowers have access to legal assistance.
Who is affected
- Homeowners with subordinate mortgages
- Mortgage servicers
- Legal professionals
- The Judiciary
- Consumers
Notable changes
- The bill introduces regulations specifically targeting subordinate mortgages, which are often less protected than primary mortgages.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
William J. Driscoll Jr.
Cosponsor
William J. Driscoll Jr.
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