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Updated Massachusetts Underwriting Guidelines for Insuring Titles through Foreclosures or REOs PDF Print E-mail

DATE:   June 23, 2017       

TO:       Massachusetts Agents and Approved Attorneys 

FROM:  Massachusetts Underwriting Department 

RE:       Updated Massachusetts Underwriting Guidelines 

             for Insuring Titles through Foreclosures or REOs

 

On November 25, 2015, Governor Baker signed Chapter 141 of the Acts of 2015 into law - An Act Clearing Titles To Foreclosed Properties (the "Act"). The Act primarily amended Massachusetts General Laws Chapter 244, Section 15 and provided certain prescribed relief for foreclosure titles. The Act included, among other things, a period of one year for borrowers to assert their rights to "older foreclosures" which has now passed.  Consequently, foreclosures that are three years or older and meet certain criteria pursuant to the Act are now favorably affected by the legislation. 

 

As a result of the enactment of the Act, the passage of the aforementioned one year, and the continued development of case law in this area, our underwriting guidelines for insuring titles derived from foreclosures have evolved.  Accordingly, we have revised our foreclosure underwriting guidelines and checklist. Click here for a copy of the Updated Massachusetts Underwriting Guidelines for Insuring Title through Foreclosures or REOs.

 

If you have any questions or concerns, you are encouraged to contact our underwriters to discuss further.
 
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