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According to Mass Live, Massachusetts homeowners facing foreclosure will see enhanced protections under regulations filed by the state Division of Banks.
The protections will prevent national and state lenders from foreclosing on a property if an application for a loan modification is still in the works.
“This is another step in the right direction to further strengthen protections provided to Massachusetts borrowers and homeowners,” Consumer Affairs and Business Regulation Undersecretary Barbara Anthony said in a news release.
“These new rules complement the recently adopted foreclosure prevention regulations that require lenders and servicers to modify certain mortgage loans if the cost of modification is less than the cost of foreclosure.”
