April 29, 2008
To Whom It May Concern:
The purpose of this letter is to notify you that, pursuant to Chapter 206 of the Acts of 2007 (Chapter 206)(See SECTION 10.), An Act Protecting and Preserving Home Ownership, as of May 1, 2008 all financial entities with a benefit or interest in a Massachusetts residential mortgage will be required to submit an electronic filing for all foreclosure petitions and foreclosure sales involving one-to-four family, owner-occupied properties.
In addition to the foreclosure petition filing information, the Division will require information for the 90-Day Notice of Right to Cure which is required to be mailed to delinquent borrowers prior to the filing of the foreclosure petition (See SECTION 11 of Chapter 206.). Be advised, the information under the 90-Day Notice of Right to Cure must be electronically submitted to the Division within five business days of filing the petition for authority to foreclose under the Servicemens' Civil Relief Act in the Land Court or Superior Court. Mailed copies will be returned to a filing company. NOTE: the 90-Day Notice of Right to Cure must be submitted to the Division's online foreclosure database only upon an action to foreclose (i.e. a foreclosure petition).
Attached is an instruction sheet on how to manage your foreclosure petitions and foreclosure sales information electronically. In addition, the following is a list of important resources to consider for your online foreclosure-filing registration:
- The web address to use for all foreclosure petitions, 90 Day Right to Cure filings as well as to record all foreclosure sales will be posted on the Division's website ( www.mass.gov/dob) on the morning of May 1.
- FAQs about Chapter 206, 90-Day Notice of Right to Cure are attached and posted on the Division's web site ( www.mass.gov/dob, scroll down to Legal Resources/FAQ's).
The Division will periodically update its website with important news. If you have additional questions not listed on our legal page, please contact Mayte Rivera, Deputy Commissioner for CRA/Fair Lending and Outreach, at (617) 956-1557.
Thank you for your attention to these important matters.
Very truly yours,
Commissioner of Banks