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SENATE DOCKET, NO. 1472        FILED ON: 1/12/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1751


The Commonwealth of Massachusetts



Ma rk C . Montigny


To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:

An Act to Establish a Moratorium on Foreclosures in the Commonwea lth.






Ma rk C . Montigny

Second Bristol and Plymouth

William Lantigua

16th Essex

Barbara A. L'Italien

18th Essex

James B. Eldridge

Middlesex and Worcester

John F. Quinn

9th Bristol

Timothy J. Toomey, Jr.

26th Middlesex

Jennifer L. Flanagan

Worcester and Middlesex

Patricia D. Jehlen

Second Middlesex

Jennifer M. Callahan

18th Worcester

John W. Scibak

2nd Hampshire

John J. Binienda

17th Worcester

Denise Provost

27th Middlesex

Stephen R. Canessa

12th Bristol

The Commonwealth of Massachusetts


In the Year Two Thousand and Nine



An Act to Establish a Moratorium on Foreclosures in the Commonwealth.


              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.   WHEREAS the deferred operation of this act would tend to defeat its purpose which is to protect citizens of the Commonwealth, therefore it is hereby declared to be an emergency la w necessary for the immediate protection of the public.

Notwithstanding the provisions of any general or special law to the contrary, no foreclosures shall be conducted for a period of one hundred and eighty (180) days after the effective date of this sec tion, on any residential real estate located in the Commonwealth having a dwelling house with accommodations for four or less separate households and occupied in whole or in part by an obligor on the mortgage debt, on a ny mortgage from which is presumptive ly unfair by virtue of having one of the following: 

              (a) an adjustable rate loan with an introductory period of three years or less; and a debt-to income ratio in excess of 50 percent under the fully indexed rate; and the loan-to-value ratio is 97 perc ent or greater, or the loan carries substantial pre-payment penalties or pre-payment penalties extend beyond the introductory period;

              (b) interest only loans;

              (c) loans with high points, fees or interest in violation of the Predatory Home Loan Pra ctices Act, G.L. c. 183C §2.

No register of deeds or assistant recorder of the land court shall accept for recording or filing for registration any foreclosure deed pursuant to a foreclosure conducted in violation of this act during said 180-day period. 

During the 180-day moratorium period, mortgage holders shall provide an authorized representative to enter into good faith negotiations with borrowers who so request, to modify the terms of their mortgages , including, reducing the principal, lowering the interest rate, eliminating pre-payment penalties, and other fees and costs so that qualified homeowners can obtain affordable mortgages that will allow them to stay in their homes.  No fees or penalties shall accrue during the moratorium period.

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