Massachusetts adopted rules amending requirements with respect to the loan modification process for loans qualifying as “certain mortgage loans.” The adopted rules: remove all references to the 150 day right to cure period (that was repealed on January 1, 2016); amend the Right to Request a Modified Mortgage Loan form; and require lenders and servicers to exercise reasonable diligence in obtaining all documents and information necessary to complete a loan modification application. The bill also amends requirements with respect to the right to cure notification process for all owner occupied residential mortgages. The adopted rules remove all references to the 150 day right to cure period and amend the Right to Cure Your Mortgage Default notice. The adopted rules went into effect December 16, 2016.
