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Boston Herald

New regulations add protections for homeowners facing foreclosure

June 26, 2013

New regulations filed by the state Division of Banks will prevent national and state lenders from foreclosing on certain mortgage loans if a modification costs less, officials said.

The regulations, created as a result of a law signed by Gov. Deval Patrick in August 2012, will require lenders to consider all available loss-mitigation options before proceeding to foreclosure, similar to standards created in the national mortgage servicer settlement between the U.S. attorneys general with five national servicers.

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