Whereas, The deferred operation of this act would tend to defeat its purpose, which is to clarify certain provisions relative to the moratorium on the foreclosure of certain mortgages, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Chapter 138 of the acts of 1991 is hereby amended by striking out section 284 and inserting in place thereof the following section:-
Section 284. Notwithstanding the provisions of any general or special law to the contrary, no foreclosure sale pursuant to a power of sale in any mortgage deed of real estate located in the commonwealth having thereon 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 which secures, in whole or in part, any loan made for personal, family or household purposes shall be conducted in the commonwealth for a period of one hundred and twenty days, commencing July eleventh, nineteen hundred and ninety-one and terminating November seventh, nineteen hundred and ninety-one, if any note secured by a fixed rate mortgage on such real estate recorded at least thirty days prior to said foreclosure sale in the registry of deeds or the registry district for the county and district in which the real estate is located, bears an interest rate in excess of fifteen percent or in the case of a variable rate mortgage likewise recorded at least thirty days prior to said foreclosure sale any such note bears an interest rate that exceeds fifteen percent at any time prior to default, and the proceeds of any such mortgage loan were used, in whole or in part, for home improvement purposes. For the purposes of this section, the term "home improvement purposes" shall include, but not be limited to, the improvement, repair, alteration or rehabilitation of such real estate, or the purchase and installation of fixtures to be affixed thereto, including the purchase and installation of a solar or wind-powered system or heat pump system.
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 sale conducted under a power of sale during said one hundred and twenty day period, as aforesaid, unless the same is accompanied by (1) an affidavit under the pains and penalties of perjury signed by the record holder of the mortgage deed being foreclosed, or a duly authorized officer thereof, certifying compliance with the requirements of this section and (2) a certified copy of any and all notes secured by a mortgage on said real estate; provided, however, that certified copies of such notes need not be recorded or filed for registration if said real estate does not have thereon a dwelling house with accommodations for four or less separate households and a statement affirming the same is contained in said affidavit. For the purposes of this section, the term "foreclosure sale" refers to the conclusion of a sale at public auction pursuant to the provisions of chapter two hundred and forty-four of the General Laws.
Any party, other than the holder of the mortgage being foreclosed, acquiring an interest in said real estate from such holder or its successors, heirs and assigns, for value and without notice shall be entitled to rely conclusively on the facts set forth in such affidavit without further inquiry when such affidavit is duly recorded or filed for registration in the registry of deeds or the registry district within which the mortgage is recorded or filed.
SECTION 2. This act shall take effect as of July first, nineteen hundred and ninety-one.