Gov. Deval Patrick signed the bill early
It requires lenders to assess a borrower’s circumstances and determine whether the net value in changing an existing loan is more than the anticipated recovery from foreclosure. If so, the lender is required to offer a loan modification to the borrower.
It also prohibits lenders from foreclosing on properties without proper documentation and includes provisions to create a task force to study mediation programs.
The Division of Banks will hold a public information hearing Wednesday in Boston before issuing new rules.end of story marker