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

209 CMR, § 56.08
Amended by Mass Register Issue 1328, eff. 12/16/2016.

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