209 CMR, § 56.08 - Safe Harbor for Compliance
Safe Harbor. A creditor satisfies the requirements of M.G.L. c. 244, § 35B(b) for a certain mortgage loan, without issuing the required notice and written assessment, if the creditor can demonstrate one of the following:
(1)
At any time within the prior 36 months preceding delivery of the Right to Cure
Notice pursuant to
209 CMR
56.03, the borrower accepted a permanent loan
modification of the certain mortgage loan which provided for an affordable
monthly payment; or
(2) At any time
within the 36 months preceding delivery of the Right to Cure Notice pursuant to
209 CMR
56.03, the creditor notified the borrower, in
writing in accordance with
209 CMR
56.05(6)(e), that the
borrower was not eligible for a modified mortgage.
Notes
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