New Law Extends Foreclosure Notification Period

Boston Herald (05/01/08)
In Massachusetts, a new state law that took effect on May 1 provides a 90-day "cooling off" period for homeowners on the brink of foreclosure. The law requires lenders to give borrowers 90 days after a notice of delinquency to resolve their debt instead of the 30 days' notice mandated by the previous law. Gov. Deval Patrick (D) is now urging lenders to use the 90-day period to restructure as many home loans as they can. A new Warren Group study shows that foreclosure deeds in Massachusetts more than doubled last month versus the same month a year earlier.