Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 56.00 - Foreclosure prevention options
Section 56.08 - Safe Harbor for Compliance

Universal Citation: 209 MA Code of Regs 209.56

Current through Register 1531, September 27, 2024

Safe Harbor. A creditor satisfies the requirements of M.G.L. c. 244, § 35B(b) for a certain mortgage loan, without issuing the required notice and written assessment, if the creditor can demonstrate one of the following:

(1) At any time within the prior 36 months preceding delivery of the Right to Cure Notice pursuant to 209 CMR 56.03, the borrower accepted a permanent loan modification of the certain mortgage loan which provided for an affordable monthly payment; or

(2) At any time within the 36 months preceding delivery of the Right to Cure Notice pursuant to 209 CMR 56.03, the creditor notified the borrower, in writing in accordance with 209 CMR 56.05(6)(e), that the borrower was not eligible for a modified mortgage.

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