Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 56.00 - Foreclosure prevention options › Section 56.04 - Right to Cure Notice

Current through Register 1525, July 5, 2024
In accordance with
				209 CMR
				56.03, the "90-day Right to Cure Your
				Mortgage Default" notice must conform to the following:
Click
				here to view image
90-day Right to Cure Your Mortgage Default
[Date]
[POSTAL DELIVERY METHOD]
[Recipient Name]
[Street Address]
[City, ST ZIP Code]
RE: [PROPERTY ADDRESS]; loan [ACCOUNT NO.] with [MORTGAGEE];
				[MORTGAGE BROKER/LOAN ORIGINATOR, if applicable]
To [NAME OF BORROWER/S]:
We are contacting you because you did not make your monthly
				loan payment[s] due on [MORTGAGE PAYMENT DUE DATE/S] to [MORTGAGEE]. You must
				pay the past due amount of [PAYABLE AMOUNT] on or before [90 DAY EXPIRATION
				DATE], which is 90 days from the date of this notice. The past due amount on
				the date of this notice is specified below:
* [UNPAID MORTGAGE PAYMENTS AND DELINQUENCY DATES]
* [INTEREST ACCRUED/PER DIEM INTEREST]
* [APPLICABLE UNPAID ESCROW CONTRIBUTIONS]
* [OTHER LATE CHARGES OR FEES]
If you pay the past due amount, and any additional monthly
				payments, late charges or fees that may become due between the date of this
				notice and the date when you make your payment, your account will be considered
				up-to-date and you can continue to make your regular monthly payments.
Make your payment directly to:
[INCLUDE THE NAME OF PAYMENT CONTACT, DEPARTMENT AND ADDRESS at
				the MORTGAGEE'S LOCATION].
Please consider the following:
* You should contact the Home ownership Preservation Foundation
				(888-995-HOPE) to speak with counselors who can provide assistance and may be
				able to help you work with your lender to avoid foreclosure.
* If you are a Mass Housing borrower, you may also contact
				MassHousing (888-843-6432) to determine if you are eligible for additional
				assistance. There may be other homeownership assistance available through your
				lender or servicer.
* You may also contact the Division of Banks (617-956-1500) or
				visit
www.mass.gov/foreclosures
to find a foreclosure prevention program near you.
* After [90 DAY EXPIRATION DATE], you can still avoid
				foreclosure by paying the total past due amount before a foreclosure sale takes
				place. Depending on the terms of the loan, there may also be other ways to
				avoid foreclosure, such as selling your property, refinancing your loan, or
				voluntarily transferring ownership of the property to [MORTGAGEE].
If you do not pay the total past due amount of [PAYABLE
				AMOUNT] and any additional payments that may become due by [90 DAY EXPIRATION
				DATE], you may be evicted from your home after a foreclosure sale. If
				[MORTGAGEE] forecloses on this property, it means the mortgagee or a new buyer
				will take over the ownership of your home.
If you have questions, or disagree with the calculation of your
				past due balance, please contact [MORTGAGEE] at [LOCAL OR TOLL FREE TELEPHONE
				NUMBER, EXTENSION NUMBER] or [ADDRESS].
Sincerely,
[Your Name]
Enclosed with this notice, there may be additional important
				disclosures related to applicable laws and requirements that you should
				carefully review.