Summary: This bill would create a new Massachusetts Homeownership Protection Program, including a foreclosure prevention fund to provide loans of up to $25,000 to eligible homeowners facing foreclosure. Money for the fund would come from a $500 surcharge on mortgage foreclosure deed and affidavit filings at the registry of deeds.
The bill also requires that lenders provide consumers with a warning or sufficient information to determine whether advertised financing would result in a high cost loan and such additional information including a plain language summary of the estimated 10 year costs of the loan. There is also a provision of r licensing mortgage loan originators.
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