A Massachusetts homeowner is delinquent on her mortgage and receives a notice from her lender that the lender intends to begin foreclosure proceedings under the power of sale. Under MGL Chapter 244, Section 35A, which of the following best describes the right-to-cure period the homeowner is entitled to before the lender may publish the foreclosure sale notice?
Correct Answer
A) A 150-day right-to-cure period for certain residential mortgages on owner-occupied property
MGL Chapter 244, Section 35A provides a 150-day right-to-cure period for certain residential mortgage defaults in Massachusetts. This applies to first mortgage loans on owner-occupied one-to-four family dwellings. The lender must send a written notice of the right to cure to the borrower, and the borrower has 150 days from receipt of the notice to cure the default before the lender may publish the foreclosure sale notice. This is a Massachusetts-specific consumer protection that is longer than many other states' cure periods.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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