You can now read 10 articles each month for free on BostonGlobe.com.

The Boston Globe

Business

Regulations are now in effect that will prohibit Mass. foreclosures if loan modifications cost less

The Massachusetts Division of Banks said Wednesday that new regulations will prevent national and state lenders from foreclosing on a homeowner’s property if modifying their mortgage loans cost less.

The regulations, a product of legislation signed by Governor Deval Patrick last August, require lenders to consider all available loss-mitigation options before proceeding to foreclosure. After several months of drafting, the regulations have now just gone into effect.

Loading comments...

You have reached the limit of 10 free articles a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than $1 a week