Mortgage deficiencies after foreclosure.

New trial period rules for HAMP modifications.

To foreclose on a mortgage in Massachusetts it is standard practice to file an action in the Land Court for a declaration stating that the homeowner isn’t in the active duty military.  This is so because a mortgagee has a duty to get a fair sale price at a foreclosure auction.  Due to certain protections [...]

In Massachusetts, the answer is yes.  There are additional procedures for the foreclosure of junior (second, third, etc.) mortgages, however they can be foreclosed.  The practical difficulty is that many junior mortgages are partially or wholly under water.  This makes foreclosure all but impossible.  In the case of a junior mortgage, there is always a [...]

Mortgage foreclosure is primarily governed by the laws of the state where the property exists.  State laws vary.  In some states–Florida for example–the law requires that mortgage lenders seek a court judgment permitting the foreclosure.  This requirement is helpful for consumers because it provides a ready-made venue to assert defenses to the foreclosure–such as Truth [...]

Massachusetts has adopted its own version of the Truth in Lending Act (TILA) known as the Massachusetts Consumer Credit Cost Disclosure Act (CCCDA). Although these acts are substantially similar, they contain different statutes of limitations for actions based on a lender’s failure to provide adequate disclosure of lending terms and borrowers’ rights in consumer credit [...]

The Truth in Lending Act (15 U.S.C. § 1601, et seq.) requires that lenders in consumer credit transactions disclose certain facts. In mortgage transactions lenders must disclose:

Identity of the creditor.
Amount financed,
Itemization of amount financed
Annual percentage rate, including applicable variable-rate disclosures,
Finance charge,
Total of payments,
Payment schedule,
Prepayment/late [...]