Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 56.00 - Foreclosure prevention options
Section 56.01 - Purpose and Scope
Universal Citation: 209 MA Code of Regs 209.56
Current through Register 1531, September 27, 2024
The purpose of 209 CMR 56.00 is to define the Right to Cure notification process for lenders and mortgage servicers to be followed in notifying borrowers of a mortgage default, and in disclosing repayment options available to the borrower in order to prevent a foreclosure. 209 CMR 56.00 also implements standards and requirements for the mortgage loan modification process for loans qualifying as certain mortgage loans in order to avoid unnecessary foreclosures.
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