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ARTICLE · 07 AUGUST 2012

Nutter Bank Report, July 2012

Nutter McClennen & Fish LLP
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The Massachusetts legislature has approved a foreclosure reform bill that modifies the foreclosure process.

United StatesFinance and Banking
Kenneth Ehrlich
Kenneth Ehrlich
Michael Krebs
Michael Krebs
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1. MASSACHUSETTS LEGISLATURE SENDS FORECLOSURE REFORM BILL TO THE GOVERNOR

The Massachusetts legislature has approved a foreclosure reform bill that modifies the foreclosure process and requires creditors to make a good faith effort to avoid foreclosure before proceeding with a foreclosure sale on certain types of home mortgage loans. The bill (H. 4323) approved by the Massachusetts House and Senate on July 26 would add a new Section 35B to Chapter 244 establishing criteria that a creditor must satisfy in order to show that the creditor has taken "reasonable steps and made a good faith effort" to avoid foreclosure on certain types of home mortgage loans. Those criteria would include an assessment of the borrower's current income, total debts and obligations, the net present value of receiving payments pursuant to a modified mortgage loan as compared to the anticipated net recovery following foreclosure, and the interests of the creditor. The good faith effort to

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