Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 22.00 - Servicer's Guide
LOAN SERVICING
Section 22.21 - Offer of Payment During Foreclosure

When during foreclosure a Borrower offers payment of the full delinquency, including advances, legal costs, and other foreclosure costs and expenses, Servicer shall ascertain the amount of all foreclosure costs and expenses that have been incurred or will be incurred, if the offer is accepted. Such an offer may be accepted by Servicer, but it may not be declined without MHMFA concurrence.

If the offer is accepted, upon receipt of funds, Servicer shall take action to prevent additional foreclosure costs and expenses from being incurred and apply funds (exclusive of foreclosure costs and expenses) to Borrower's account, and pay the foreclosure costs and expenses. Servicer shall report all details of the transaction to MHMFA.

When during foreclosure Borrower offers to pay an amount less than the full delinquency (including, but not limited to, advances and legal costs), Servicer will ascertain the amount of foreclosure costs and expenses that have been or will be incurred if the offer is accepted. Servicer may decline without MHMFA's concurrence, but shall obtain HMFA's approval prior to accepting. Servicer shall recommend to MHMFA whether the foreclosure action should be suspended or should be dismissed and how the remaining delinquency will be cured.