Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

June 11, 2008

“Right to Cure” and Foreclosures

by @ 2:42 pm. Filed under Real Estate

This week’s Banker & Tradesman has an article about the sudden plunge in the number of foreclosure petitions being filed in the Land Court. After averaging nearly 3000 new filings per month for the first four months of 2008, the number filed in May dropped to just 390. The article suggests this reduction is due to the Commonwealth’s new “right to cure” statute which gives borrowers 90 days to resolve a default before the lender can proceed with foreclosure. The law is unclear as to what exactly “proceed with foreclosure” means, so it’s likely that lenders are holding off on filing new petitions to foreclose until 90 days have passed from the notice of default or until the law is interpreted by appellate decisions.

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