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The Official Website of the Office of Consumer Affairs & Business Regulation (OCABR)
Mass.Gov
Home > Consumer > Housing Information > Foreclosure Resources > Information about Foreclosure Laws &
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The 150 day right to cure provision expires on January 1, 2016, at which point the period reverts back to 90 days.
Reverse Mortgages: The Act prohibits a mortgagee from making a reverse mortgage unless the mortgagor
affirmatively opts in writing, at or before the closing, for the reverse mortgage. Effective August 1, 2012, the Act will
also require, prior to obtaining a reverse mortgage, certification of in-person counseling relative to the
appropriateness of a reverse mortgage transaction from a counselor with a third party organization that has been
approved by the Executive Office of Elder Affairs.
Tenant Protections in Foreclosed Properties: The new law establishes protections for tenants in foreclosed
properties. For more information, please click here.
Rental Subsidy Under a Lease After Foreclosure: Chapter 206 of the Acts of 2007 established that the lease for a
tenant whose rental payment is subsidized under state or federal law shall not be affected by a foreclosure sale.
Chapter 258 clarifies that a foreclosing entity shall assume the lease and rental subsidy contract with the rent
subsidiary administrator after foreclosure.
Mortgage Fraud: Chapter 258 establishes the crime of mortgage fraud in the Commonwealth for any person making
material misstatements or material omissions knowing such statements or omissions to be false during the mortgage
lending process with the intent that such statements be relied on by the mortgage lender, borrower or any other party
in the mortgage lending process.
Tax Credit: The Act establishes a property tax exemption for real estate acquired through foreclosure and owned or
held in trust by a charitable organization for creating community housing. The tax exemption does not extend
beyond 7 years. This is a local option that would have to be adopted by each city or town.
Chapter 258 can be reviewed for other changes and effective dates.
http://www.mass.gov/?pageID=ocaterminal&L=5&L0=Home&L1=Consumer&L2=Housin... 4/7/2011