The Governor of Massachusetts implemented a foreclosure moratorium this week to save certain distressed borrowers from losing their homes.
Governor Patrick Deval launched the moratorium on Monday by asking Commissioner of Banks Steven Antonakes to review all foreclosure complaints filed at his office and determine on a case-by-case basis if a foreclosure delay should be requested from a lender.

“This action will provide relief to the people who need it the most – the individuals and families who find themselves in the late stages of a personal financial crises,” said Governor Patrick. “All we seek is for individuals and families to have a little time to work with lenders and non-profits toward a solution that might just save their homes.”
Governor Patrick also asked the Commissioner of Banks to review all of the complaints and refer struggling borrowers to reputable loss mitigation counseling firms.
“The Division of Banks is fully prepared to work with homeowners who are struggling with their mortgage payments and risk losing their homes,” said Commissioner of Banks Steven Antonakes. “It is critically important that folks reach out to us at the first signs of trouble so that we can provide them with as much direction and assistance as possible.”
In a press release about the moratorium, the Governor’s office conceded that solutions “may not be possible in all circumstances.” However, the Governor said mortgage lenders should continue to consider the possibility of moving struggling borrowers into fixed-rate loans or re-adjusting the terms on current mortgages.
Click here to read the entire press release.