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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