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I'm often asked if there are any state or federal resources to assist people in foreclosure. While the federal government has been very slow to react to the foreclosure crises, Massachusetts does offer some help.
On November 29, 2007, Governor Patrick signed a bill called An Act Protecting and Preserving Home Ownership into law. Provisions of this landmark legislation include a 90-Day Right To Cure After Default on Mortgage Loans. The Act establishes a 90-day statutory Right To Cure a default on a 1-4 family, owner-occupied residential property and mandates the information to be included on this 90-day Notice of Right to Cure. This will help with some Massachusetts foreclosures. Before this law passed the time period required was thirty days.
The Act has many other provisions to help with a MA foreclosure. For information about the law visit www.mass.gov/foreclosure.
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