209 CMR, § 56.03 - When to Provide the Right to Cure Notice
(1)
90-day Right to Cure
Notice. A mortgagee must provide a 90-day Right to Cure Notice to
the borrower in accordance with
209 CMR
56.04 at least 90 days prior to accelerating
maturity of the unpaid balance of the mortgage obligation or otherwise
enforcing the mortgage because of a default consisting of the borrower's
failure to make a required payment as provided in the mortgage or
note.
(2)
Borrower
Eligibility. The right to cure a mortgage default shall be granted
to a borrower once during any five year period, regardless of the mortgage
holder.
(3)
Delivery.
(a)
Pursuant to M.G.L. c. 244, § 35A(b), the mortgagee shall deliver the Right
to Cure Notice to the borrower by:
1.
Hand-delivery; or
2. First-class
and certified mail or similar service provided by a private carrier to the
borrower at the borrower's address last known to the mortgagee or anyone
holding thereunder.
(b)
The Right to Cure Notice may be provided to a borrower in default with the
written notice issued pursuant to 12 CFR 1024.39(b), if included as a separate
document and delivered in accordance with 209 CMR 56.03(3)(a).
(4)
Authorization to
Send the Right to Cure Notice. A mortgagee may not send the Right
to Cure Notice under 209 CMR 56.03(1), unless it has been authorized to collect
on the default.
(5)
Authorization to Accelerate, Foreclose or Seize the Home through
Foreclosure. The mortgagee, or anyone holding thereunder, may take
steps to terminate the borrower's ownership in the property by acceleration of
the mortgage, a foreclosure proceeding or other action to seize the home, if
the borrower does not cure the default by the date specified on the Right to
Cure Notice. Furthermore, in accordance with M.G.L. c. 244, § 35A(e), the
mortgagee, or anyone holding thereunder, shall file a copy of the Right to Cure
Notice and an affidavit demonstrating compliance with M.G.L. c. 244, §
35A, in any action or proceeding to foreclose on such residential
property.
Notes
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