Banks expected to settle over home loan abuses

During the height of the mortgage boom, home loans were generally cheap and easy to secure. Unfortunately, many of these loans had provisions that could lead to a significant rise in the cost of the loan should the economy experience difficulties, as it did during the recession. Though the mortgage industry is rebounding, some...

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New foreclosure regulations proposed by state banks

A bit of mortgage relief may be at hand for Massachusetts residents thanks to the efforts of the Massachusetts Division of Banks. According to a statement released earlier this month, the banks are proposing a set of regulations that will require mortgage holders to work toward alternative options to foreclosure to lower the rate...

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New foreclosure law offers hope to Worcester residents

Traditionally, foreclosure is a nightmare for Massachusetts residents. Because the home is regarded as collateral in a mortgage, banks could seize the home, effectively kicking out the homeowner. However, a new state law goes into effect in the state in November that helps to protect some residents from losing their homes. As long as the...

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