Important decision is U.S. Bank National Association v. Schumacher (pdf). Schumacher arises from M.G.L. c. 244, §35A, which the Legislature enacted in 2007 in response to the foreclosure crisis. This statute requires foreclosing banks to notify homeowners that they have 90 days to cure a payment default before payment of the note can be accelerated, and mandates that the written notice contain certain information. Before Schumacher, some lower courts had ruled that a bank's failure to strictly comply with those requirements was fatal to a foreclosure sale. In such cases, even a post-foreclosure buyer of the property would have no title. This result was especially problematic since nothing regarding a bank's compliance or non-compliance with §35A would appear in the property's title at the registry of deeds.
Important decision is U.S. Bank National Association v. Schumacher (pdf). Schumacher arises from M.G.L. c. 244, §35A, which the Legislature enacted in 2007 in response to the foreclosure crisis. This statute requires foreclosing banks to notify homeowners that they have 90 days to cure a payment default before payment of the note can be accelerated, and mandates that the written notice contain certain information. Before Schumacher, some lower courts had ruled that a bank's failure to strictly comply with those requirements was fatal to a foreclosure sale. In such cases, even a post-foreclosure buyer of the property would have no title. This result was especially problematic since nothing regarding a bank's compliance or non-compliance with §35A would appear in the property's title at the registry of deeds.
Important decision is U.S. Bank National Association v. Schumacher (pdf). Schumacher arises from M.G.L. c. 244, §35A, which the Legislature enacted in 2007 in response to the foreclosure crisis. This statute requires foreclosing banks to notify homeowners that they have 90 days to cure a payment default before payment of the note can be accelerated, and mandates that the written notice contain certain information. Before Schumacher, some lower courts had ruled that a bank's failure to strictly comply with those requirements was fatal to a foreclosure sale. In such cases, even a post-foreclosure buyer of the property would have no title. This result was especially problematic since nothing regarding a bank's compliance or non-compliance with §35A would appear in the property's title at the registry of deeds.