Bill > H493

This bill, amending Chapter 244 of the Massachusetts General Laws, aims to prevent unnecessary vacancies in foreclosed homes by establishing conditions under which a former homeowner, or mortgagor, can remain in possession of their property after a foreclosure sale. If the purchaser of the foreclosed property is the original lender, a related entity, or certain government-sponsored enterprises like Fannie Mae or Freddie Mac, the former homeowner can stay if they meet specific criteria. These include making monthly rent payments, either by agreement or based on the Fair Market Rent determined by the U.S. Department of Housing and Urban Development (HUD), and not causing damage, nuisance, or illegal activity on the property. They must also allow the purchaser reasonable access for repairs, inspections, or showings to prospective buyers. If the former homeowner fails to meet these conditions, or if the property is sold to a bona fide third-party buyer who intends to occupy it as their primary residence, the new owner can then initiate eviction proceedings under Chapter 239 of the General Laws.