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Massachusetts Senate adopts measures to protect tenants 2010-04-30 The Massachusetts state Senate agreed to legislation that would institute protection measures for residents struggling to keep their homes and those facing foreclosure, the Boston Globe reports. "This bill is a key movement forward for tenant protections in Massachusetts," Massachusetts Alliance Against Predatory Lending coordinator Amaad Rivera told the Globe. The Act to Stabilize Neighborhoods will allow evicted tenants to remain in their homes until a new buyer purchases the property. The measure also extends the "right to cure" law from 90 to 150 days. The law requires lenders to analyze a borrower's ability to repay the loan under better financial terms before they can foreclose on a property, the Globe reports. The act also establishes a state law against mortgage fraud. Lastly, the measure will require in-person counseling to seniors interested in securing a reverse mortgage. The counseling provision, which will not take effect for 18 months, will help seniors understand the process and functions of a reverse mortgage, reports the Globe. With the baby boomer generation facing retirement in a bad economy, state measures that help seniors to build or protect retirement income should ease their financial burden later in life.  |
