As part of the foreclosure process in Massachusetts, a lender must send the borrower a Notice of Acceleration before a Notice of Sale can be issued. What are the requirements of the Notice of Acceleration (i.e. must be sent certified, must be include legal address, must include itemized amount due and right to cure, etc.)? Thank you!
State/Country relating to question: Massachusetts
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Here are the requirements under Mass. law for a Notice of Acceleration:
(c) The notice required in subsection (b) shall inform the mortgagor of the following:—
(1) the nature of the default claimed on such mortgage of residential Real Property and of the mortgagor’s right to cure the default by paying the sum of money required to cure the default;
(2) the date by which the mortgagor shall cure the default to avoid acceleration, a foreclosure or other action to seize the home, which date shall not be less than 90 days after service of the notice and the name, address and local or toll free telephone number of a person to whom the payment or tender shall be made;
(3) that, if the mortgagor does not cure the default by the date specified, the mortgagee, or anyone holding thereunder, may take steps to terminate the mortgagor’s ownership in the property by a foreclosure proceeding or other action to seize the home;
(4) the name and address of the mortgagee, or anyone holding thereunder, and the telephone number of a representative of the mortgagee whom the mortgagor may contact if the mortgagor disagrees with the mortgagee’s assertion that a default has occurred or the correctness of the mortgagee’s calculation of the amount required to cure the default;
(5) the name of any current and former mortgage broker or mortgage loan originator for such mortgage or note securing the residential property;
(6) that the mortgagor may be eligible for assistance from the Massachusetts Housing Finance Agency and the division of banks and the local or toll free telephone numbers the mortgagor may call to request this assistance;
(7) that the mortgagor may sell the property prior to the foreclosure sale and use the proceeds to pay off the mortgage;
(8) that the mortgagor may redeem the property by paying the total amount due, prior to the foreclosure sale;
(9) that the mortgagor may be evicted from the home after a foreclosure sale; and
(10) the mortgagor may have the following additional rights, depending on the terms of the residential mortgage: (i) to refinance the obligation by obtaining a loan which would fully repay the residential mortgage debtor; and (ii) to voluntarily grant a deed to the residential mortgage lender in lieu of foreclosure.
The notice shall also include a declaration, appearing on the first page of the notice stating: “This is an important notice concerning your right to live in your home. Have it translated at once.”
The division of banks shall adopt regulations in accordance with this subsection.
The above section of laws states what information must be included in the notice to accelerate.
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