GOOD NEWS in Massachusetts

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LoanSafe Member
Aug 20, 2012
I just paid my LAST mortgage payment (September 2012) to Sovereign Bank (first and second motrgage). I hope the following will help me. Anyone else in Mass with Sovereign? I don't know how long it will take for them to foreclosure on me, but I hope this will either make it LONGER, or get them to strip the second and bring down the principle on my first. Massachusetts has some of he BEST consumer laws in the country. (And if you haven't heard of Elizabeth Warren check up on her -- I hope she becomes our next Senator!)

On Friday, August 3, 2012, Massachusetts enacted landmark foreclosure-prevention legislation that, among other things, requires banks to consider homeowners for reasonable loan modifications before foreclosing on them. It also mandates some important changes to the foreclosure process. Most of the law is not effective until November 1, 2012. It only applies to residential property, not investment property.

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