On March 25, Governor Charlie Baker announced new guidance for financial institutions, mortgage lenders, and mortgage loan servicers. The guidance was put in place to help give relief to mortgage borrowers who are unable to keep up with payments due to financial hardship brought on by the recent COVID-19 outbreak.
These actions include, but are not limited to:
60-day postponement of foreclosures;
60-or-more day grace period for late mortgage payments which includes waiving late fees, online payment fees, and reporting to credit agencies;
Offering borrowers an additional 60-day grace period to complete trial loan modifications;
Ensuring the consistent availability of account management and customer service capabilities for borrowers, even if the mortgage servicer closes its office; and
Providing proactive outreach to borrowers explaining what assistance they offer.
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