New Regs Create Lull in MA Foreclosures

New foreclosure regulations that took effect May 1 will produce a temporary lull in Massachusetts foreclosure filings through the end of July, according to ForeclosuresMass.com. The Framingham, Mass.-based company reported that the record high of 3,414 foreclosure filings in April were followed by only 392 filings in May, an 88.5% plunge. The reason for the drop is a law that extended from 30 days to 90 days the "right-to-cure" period after a default on owner-occupied residential mortgage loans, the company said. "We are in the midst of a foreclosure tsunami here in Massachusetts, and this storm is not going away any time soon," said Sheila Farragher-Gemma, co-founder of ForeclosuresMass. "The new filing requirements have created a situation similar to the eye of a hurricane -- it may seem calm now, but the storm will come raging back with even more force in the days ahead." The company can be found online at http://www.foreclosuresmass.com.