Massachusetts Extends Delinquent Borrower Cooling Off Period To 90 Days

In Boston, Massachusetts, The Associated Press reports:

• A new state law provides a 90-day cooling off period for Massachusetts homeowners facing the prospect of foreclosure. The law, which takes effect Thursday, requires that lenders give borrowers 90 days after a notice of delinquency to resolve their debt. The previous law required only 30 days notice.

For the story, see New Law Extends Foreclosure Notification Period (Law Takes Effect Thursday).

Se also, Massachusetts Attorney General Press Release:

• [U]nder the new law, Massachusetts homeowners facing foreclosure will now be entitled to a 90 day “right to cure” period. [... A] foreclosing lender must provide a notice of delinquency to the borrower and then provide 90 days to cure the delinquency. Previously, homeowners were only entitled to 30 days notice, and the lender did not have to give the homeowner an opportunity to pay the arrearage, cure the default, and avoid foreclosure. The new law applies to foreclosures initiated on or after May 1, 2008.