Hearings On Mortgage Rules Set
The Massachusetts Division of Banks will hold three hearings around the state this month regarding regulations on foreclosures and reverse mortgages.
The state is seeking public input as it creates new rules based on legislation passed last year. The law extends the right-to-cure time period for homeowners facing foreclosure from 90 to 150 days, and the DOB is making regulations regarding information the homeowners must receive concerning issues like counseling options and foreclosure alternatives.
Another aspect of the law concerns how older homeowners can agree to a reverse mortgage and the counseling they must receive beforehand.
The hearings are scheduled for Wednesday, Jan. 19 in Brockton; Thursday, Jan 25 in Lawrence and Thursday, Jan. 27 in Springfield.
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