Code of Massachusetts Regulations
940 CMR - OFFICE OF THE ATTORNEY GENERAL
Title 940 CMR 25.00 - Foreclosure Rescue Transactions And Foreclosure-related Services
Section 25.01 - Definitions
Universal Citation: 940 MA Code of Regs 940.25
Current through Register 1531, September 27, 2024
(1) Foreclosure Rescue Transaction shall mean a transaction:
(a) by which residential property is conveyed
where the person conveying the property (homeowner) maintains a legal or
equitable interest in the property conveyed, including, without limitation, a
lease interest, an option to acquire the property, or other interest in the
property conveyed; and
(b) that is
designed or intended by the parties to avoid or delay actual or anticipated
foreclosure proceedings against a homeowner's residential
property.
(2) Foreclosure-related Services shall mean any goods or services related to, or promising assistance in connection with:
(a) avoiding or delaying actual or
anticipated foreclosure proceedings concerning residential property;
or
(b) curing or otherwise
addressing a default or failure to timely pay, with respect to a residential
mortgage loan obligation. Foreclosure-related Services shall include the offer,
arrangement or placement of a residential mortgage loan, or other loan, when
those goods or services are advertised, offered or promoted in the context
described in 940 CMR 25.01(2)(a) and/or (b).
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