Legislature Sends An Act to Stabilize Neighborhoods to the Governor for His Approval - July 29, 2010

On July 28, 2010, the Legislature enacted S. 2407, An Act to Stabilize Neighborhoods. S. 2407 is a set of focused and practical tools that addresses various aspects of the foreclosure crisis. This legislation accomplishes the following:

1) Refines the existing right to cure a default to incentivize good faith efforts to modify loans and prevent foreclosures;
2) Provides equitable protections for tenants in foreclosed properties until the lender sells the property;
3) Criminalizes mortgage fraud;
4) Creates a new local option to relieve property taxes while nonprofits rehabilitate foreclosed properties; and
5) Requires in-person reverse mortgage counseling for low income seniors beginning in 2012.

CHAPA would like to thank the entire Legislature, especially Speaker Robert DeLeo, Senate President Therese Murray, Chairman Kevin Honan, and Chairwoman Sue Tucker for their leadership and support. We would also like to thank the dozens of organizations, leaders of faith, local elected officials and others that worked together to advocate for the legislation.